Terms with Category Legal Contracts
- Assignor — Definition,
- Assumption Clause — Definition,
- A provision in a mortgage contract that allows a buyer to take responsibility for the loan from the seller.
- Assumption Fee — Definition,
- A lender's charge for updating records when a buyer takes responsibility for a mortgage from the seller.
- Audit — Definition,
- An examination of a taxpayer's income tax return or other transactions bearing tax consequences. Audits range from a simple letter from the agency to a detailed review of individual or business tax filings and records.
- Authorized User — Definition,
- Any person to whom you give permission to use a credit card account.
- Aviation Easement — Definition,
- An agreement that grants the right to fly airplanes over property, even if the practice causes damage, inconvenience, or loss of property value. Such an agreement usually restricts the property owner from building or growing anything over a specified height.
- Back Title Letter — Definition,
- A document that a title insurance company gives to an attorney specifying condition of the title.
- Backflip Takeover — Definition,
- A form of takeover where the purchasing company becomes a subsidiary of the purchased company.
- Bilateral Contract — Definition,
- A legal agreement in which both parties promise to give each other something. A purchase agreement in which the buyer promises to give money and the seller promises to transfer property is a bilateral contract.
- Bill of Sale (BS) — Acronym, Important,
- A written document that serves as evidence of the transfer of title to personal property.
- Binder — Definition,
- An agreement to consider the purchase of real estate. The agreement is secured and backed by a cash deposit as evidence of good faith on the part of the purchaser.
- Boilerplate — Definition,
- Standard, routine language in legal documents.
- Bona Fide — Definition,
- In good faith. In real estate, a bona fide purchaser or seller has the legal right to give or receive title.
- Book Value — Definition,
- The value of a property, item or company as a capital asset based on its cost plus any additions, subtracting depreciation.
- A valuation method determined by taking the original cost of an asset and subtracting any depreciation, impairment or amortization costs.
- Breach of Contract (BOC) — Acronym,
- Failure to abide by terms of a legal agreement without a legal excuse.
- Breach of Covenant — Definition,
- Violation of a promise made in a contract or property deed.
- Breach of Warranty — Definition,
- A determination that a seller cannot pass clear title of property to a buyer.
- Broker (Bkr) — Abbreviation,
- A person or firm who acts on behalf of another.
- Building Restrictions — Definition,
- Local regulations that limit the size, height, materials, colours, uses, locations, placement and other characteristics of houses.
- Bundle of Rights — Definition,
- A set of legal rights that an owner has regarding a property.
- Burden of Proof (BOP) — Acronym,
- The legal requirement to provide enough evidence to win a lawsuit. In civil cases, such as tax court, the burden is decided by the preponderance -- the most -- evidence. Except in cases of tax fraud, the burden of proof in a tax case generally is on the taxpayer.
- Business (busn) — Abbreviation,
- Economic activities of a given type.
- A company, either for-profit or non-profit.
- Commercial, industrial or professional activities undertaken by an entity.
- Bylaws — Definition,
- The written rules governing an organization such as a homeowners association.
- Call Option — Definition,
- A clause in a mortgage that gives the lender the right to request the balance at any time.
- Cancellation Clause — Definition,
- A provision in a lease or other contract that spells out under what conditions the parties can call off the deal.
- Card Holder Agreement — Definition,
- A written agreement or contract between a credit card holder and the credit issuer that details the terms and conditions of a credit card account. This agreement must include the Annual Percentage Rate, the monthly minimum payment formula, the annual fee if applicable, and the cardholder's rights in billing disputes. Changes to the agreement can be made at any time by the issuer with prior written notice.
- Cash Collateral — Definition,
- The proceeds of cash collected from the sale of liquid assets while in bankruptcy.
- Causation — Definition,
- A method of connecting an entity's conduct with an effect, which in some cases can prove legal liability.
- Caveat — Definition,
- A charge or instrument placed on land title.
- To give warning, notice or caution; beware.
- Certificate of Occupancy (CO) — Acronym, Important,
- Authorization by a local government giving permission for someone to live in or use a building that has just been constructed or renovated.
➥ Zoning bylaw.
