Breach of warranty is defined as the violation of an express or implied contract of warranty, and thus it is a breach of contract. Essentially, it occurs when the warrantor fails to provide the assurance warranted. A seller can expressly or...
business sectors
broker
A broker is a person or entity that arranges contracts and acts as an intermediary between a buyer and seller for a commission. A broker is an independent party to a transaction and should not be confused with an agent who acts on behalf of a...
bureaucracy
Bureaucracy is a term composed of bureau (meaning "writing desk" in old French) and -cracy (meaning "power" in Latin). A bureaucracy is a form of work organization. The historical meaning of the term refers to a body of non-elected government...
business expense
Business expenses are the operating costs of a business. Whether a given cost qualifies as a business expense is relevant because business expenses are tax deductible while other forms of expenses are not. To qualify as a business expense,...
business judgment rule
The business judgment rule provides a director of a corporation immunity from liability when a plaintiff sues on grounds that the director violated the duty of care to the corporation so long as the director’s actions fall within the...
business record exception
Business records exception is a statutory exception to the rule against hearsay in Federal and most state courts. The exception allows parties to enter regularly compiled records within an organization that meet a certain level of...
buyback
A buyback refers to when a corporation repurchases its own outstanding stock. By doing so, the number of overall shares in the market drops and the value of each individual share tends to increase. Issuing a buyback offer is not binding on...
bylaw
Bylaws refer to the regulations and rules established by a company or other organization for internal management. Bylaws are most often used in companies to determine the rights and obligations of employees and organizations in a corporate...
bylaws
Bylaws refer to the regulations and rules established by a company or other organization for internal management. Bylaws are most often used in companies to determine the rights and obligations of employees and organizations in a corporate...
C corporation
A C corporation is any corporation that does not qualify or elect to be an S corporation under the Internal Revenue Code. A C corporation is a legal structure for a corporation where the company’s assets are separate from the owners’ assets....