business law

Attachment

An attachment is a court order seizing specific property. Attachment is used both as a pre-trial provisional remedy and to enforce a final judgment.

Sometimes, courts attach a defendant's property as a provisional remedy to prevent the...

Attorney-in-fact

An attorney in fact is an agent authorized to act on behalf of another person, but not necessarily authorized to practice law, e.g. a person authorized to act by a power of attorney. Therefore an attorney in fact, which is not necessarily a...

Audit

An audit (noun) is a formal examination and verification of an individual’s or organization’s records and accounts, finances, or compliance with a set of standards.

To audit (verb) is the act of conducting the formal...

Auditor

An auditor is one who conducts an audit. Specifically, an auditor is a person or firm (usually an accountant or accounting firm) that conducts a formal examination and verification of an individual’s or organization’s records and accounts,...

Authority

Authority is the official permission or right to act, often on behalf of another. Authority may also be a person or institution that has power over another person.

Authority as agency is the power to act on behalf of another...

Authorize

To authorize means to grant authority; to empower. It may also mean to formally or officially approve.

[Last updated in June of 2021 by the Wex Definitions Team]

Bad debt

Bad debt refers to debt such as a loan or advance that a creditor can no longer recover. A debt cannot be recovered for a variety of reasons such as insolvent debtors. In the corporate context, bad debt can be a critical blow to businesses,...

bailee (custodian)

Definition from Nolo’s Plain-English Law DictionaryA person with whom some article is left, usually pursuant to a contract, who is responsible for the safe return of the article to the owner when the contract is fulfilled. Examples include banks holding...

balance due

The amount of debt still due under an account or the principal balance remaining on a promissory note.

balance sheet

A balance sheet is a financial statement that consists of a three-part summary of a company's assets, liabilities, and ownership equity at a particular instance in time. It is intended to show the financial condition of a company at that time...

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