business law


1.In contract law, a bargain is a voluntary agreement between two parties in exchange for consideration. Consideration, here, can be money, goods, services, or a promise to do something. For example, if someone agrees to clean a bedroom in exchange...

basis point

A unit that denotes a change in the interest rate of a financial instrument and is equal to 1/100th of 1% or 0.01%.

bilateral contract

A bilateral contract is a contract in which both parties exchange promises to perform. One party’s promise serves as consideration for the promise of the other. As a result, each party is an obligor on that party’s own promise and an obligee on the...

Bilateral investment treaty

Bilateral investment treaties (or, BITs) are international agreements establishing the terms and conditions for private investment by nationals and companies of one state in another state.

The first generation of these treaties were Friendship,...

bill of exchange

A type of negotiable instrument, also known as a "draft", which is a signed, unconditional, written order by the drawer, directing the drawee to pay a fixed sum of money to a third party (the payee) at a determined future date.

For example, a...

Bill of lading

Document used in foreign trade, which acknowledges that a company has received goods for transportation.

bill of sale

Similar to a receipt, a bill of sale is a written instrument that attests to a buyer’s purchase of property from a seller. A bill of sale generally includes the transacting parties’ contact information, a description of the item...


In the law of secured transactions, refers to a buyer in the ordinary course of business. In order to qualify as this the buyer must purchase particular goods in good faith, without knowledge that the sale violates another individual's rights in...

Blue sky law


A state law that imposes standards for offering and selling securities. Such laws aim to protect individuals from fraudulent or overly speculative investments.


Originally prepared by Deepa Sarkar of the Cornell Law School...

Board of Directors

In a corporation, the board of directors is a groups of people, selected by the shareholders, who make the major decisions for the company. The exact responsibilities of the board are governed by the company’s articles of...