business law


Boilerplate is a colloquial term used to describe stock language in a legal document that appears in all instruments of that type; general, standardized language in a legal instrument. A boilerplate clause is interpreted and construed against...


In general, an obligation. More specifically:

1. In commercial law, a borrower's obligation to pay a stated amount of money after a stated amount of time.

2. In criminal law, an obligation to pay the court if a defendant fails to meet...

book account

A business record of a customer's account which indicates the total amount owed by the client at any given time. The book account serves as a clear basis for bringing suit on a customer's failure to repay the debt.

book value

Definition from Nolo’s Plain-English Law DictionaryA method of valuing a corporation's stock or a company's worth by adding up the stated value of assets as shown on the books (records) of the company and deducting all the liabilities (debts) of the...


A person who records the daily financial transactions of a business or organization, such as sales, purchases, receipts and payments. The bookkeeper also prepares financial statements, such as the trial balance, which are then used by accountants to...


A collection of the financial records of a business.

In the investment sense, a book is a record of all the positions (e.g., long and short) that an investor has taken.


Bottomry, also known as a bottomry bond, is a contract where a shipowner provides his or her ship as security for a loan to finance a voyage or for a certain period of time. The shipowner usually uses the loan for maritime (i.e. sea-related)...


Violation of a law or contractual duty.

See, e.g., Breach of contract.

Breach of contract

The violation of a contractual obligation. One may breach a contract by repudiating a promise, failing to perform a promise, or interfering with another party's performance.

breach of trust

Definition from Nolo’s Plain-English Law DictionaryAn act of a trustee that violates the trustee's duties or the terms of a trust. A breach of trust need not be intentional or malicious; it can be due to carelessness or negligence.

Definition provided...