Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

Category: B

BUSHING

A clamp that grips and protects an electric cable where it passes through a metal panel or more generally, a bearing for a revolving shaft.

BUSINESS CLIMATE

Environment of a given community that is relevant to the operation of a business; usually includes tax rates, attitudes of government toward business, and availability.

BUSINESS ETIQUETTE

A code of behavior that delineates expectations for social behavior according to contemporary conventional norms within a society, social class, or group.

BUSINESS INTERRUPTION INSURANCE

Insurance that provides protection for the loss of profits and continuing fixed expenses resulting from a break in commercial activities due to the occurrence of a peril.

BUSINESS OPPORTUNITY

An opportunity to generate income as a business owner and not an employment opportunity. TLD Example: The decision by the owner to retire presented the young chef with a business opportunity allowing him

BUSINESS RECEIPTS

Business receipts represent the gross receipts or sales less returns and allowances from trade or business income.

BUSINESS SYSTEM

A combination of people and automated applications organized to meet a particular set of business objectives.

BACK PAY AWARD

A requirement that retroactive compensation be denied by an employer. They were used in discrimination cases in the federal civil rights laws.

BACKING AWAY

A situation where a MARKET MAKER refuses to perform on a quoted BID, generally in contravention of formal or informal marketmaking rules conveyed through AFFIRMATIVE OBLIGATIONS.

BACTERIA

A cell that is microscopic. It is single cell and exists everywhere. Only a fraction of them are known to science. They are divided in five groups bacilli, cocci, filamentous, spirilla/spirochetes, and

BANDWAGON EFFECT

The idea that people will do something simply becasue others are. The individuals own feelings and beliefs are not considered in this action. AKA herd mentality.

BAREBOAT CHARTER

A charter when the charterer leases a vessel with no crew. A crew is chosen by the party leasing. AKA dry lease.

BASELINE

1. the starting point for comparison. 2. the basic proposal given when a request is sent out. Refer to acquisition program baseline, contracnt budget baseline, and performance measurement baseline. 3. the line

BAYES’ THEOREM

A way to predict when an event will occur based on another event happening or not happening. It was named after Thomas Bayes a probability researcher.

BELIEFS

The ideas true to a party that believes it.

BENEFICIAL OWNER

The actual owner of securities and the rightful recipient of the benefits accorded; the beneficial owner is often different from the title holder (generally a financial institution holding the securities on behalf

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