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...
contracts
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...
boilerplate
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...
bottomry
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)...
breach
A breach is a violation of law or when a party fails to perform their part of a contractual agreement. For more information, see breach of contract.
[Last updated in June of 2022 by the Wex Definitions Team]
breach of contract
A breach of contract occurs whenever a party who entered a contract fails to perform their promised obligations. Due to the frequency of breaches of contract, a robust body of law has grown to resolve the ensuing disputes.
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breach of trust
Breach of trust in legal contexts refers to breaking the rules of a trust or a person taking advantage of property given to them for a period of time. Trusts have multiple explicit delineations of property and rules which a trustee must...
breach of warranty
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...
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...
buy-sell agreement
Buy-sell agreements are limits placed on ownership rights of closely-held organizations which require the shares be resold to either the organization or current partners when the owner decides to leave or passes away. Many partnerships and...