Balance due is the amount owed on a previous statement for which payment has been required but not been made. It is usually manifested as the amount of a debt still owed on an account or the principal outstanding on a promissory note. Balance...
commercial transactions
balloon mortgage
A balloon mortgage is a mortgage where the payments are not large enough to pay off the entire mortgage during its amortization period. Thus, the borrower must make an extra-large payment at the end of the amortization period to fully pay off...
banking
Overview:
Banks and bank accounts are regulated by both state and federal statutes. Bank accounts may be established by national and state chartered banks and savings associations. All are regulated by the law under which it was established...
bargain
The term “bargain” appears in two specific legal contexts:
The first is contract law, where a bargain is defined as a voluntary agreement between two parties in exchange for consideration. Consideration, here, can be money,...basis of the bargain test
Under section 2-313 of the Uniform Commercial Code, when determining whether an express warranty exists or is valid in a sale of goods between two parties, the court asks if any promise or affirmation, any description of the goods, or any...
basis point
A basis point (often abbreviated as bp) is a unit of measurement that denotes a change in the interest rate of a financial instrument and is equal to 1/100th of 1% or 0.01%. It is a usual practice in the financial industry to use basis points...
Battle & Sons Funeral Home v. Chambers
Battle & Sons Funeral Home v. Chambers, 63 Ohio Misc. 2d 441 (Ohio Mun. Ct. 1993), is a case in Ohio on what expenses are considered “necessary” for burial and the responsibility of the spouse to pay.
FactsThe...
BCRA
Overview:
The Bipartisan Campaign Reform Act (BCRA) was signed into law in March of 2002. On the same day that BCRA became official federal policy, Senator Mitch McConnell and the National Rifle Association (NRA) both filed complaints...
bearer paper
A bearer is an individual who is in possession of a negotiable instrument, document of title, or proof of security that is either payable to the person in possession (ie. payable to bearer) or endorsed in blank. These types of instruments are...
beneficial ownership
A beneficial ownership is a trust arrangement whereby the beneficial owner of a security has the power to vote on and influence decisions regarding that security, and receives the benefit afforded by the security, even though in street name...