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

BESSEMER PROCESS

When air is pushed into a furance burning off impurities. It makes pig iron more pure. It is the old method of steal manufacturing.

BEST ASK

The lowest price a security will sell for.

BEST BEFORE DATE

A date on food items. It tells when the item will spoil if kept under recommended conditions. Refer to use by date.

BEST BUY

A purchase that offers the best combination for the buyer. The delivery, price, quality, and other benefits are considered.

BEST EFFORTS

1.stating that a certian result won’t necessarily occur. Good faith promises that it will get as close as is humanly possible. 2. A high standard that if it isn’t met is excusable.

BEST IN CLASS

The best performance an industry can manage. Its the benchmark set to be done or bettered. AKA best of breed. Refer to best practice.

BEST INTERESTS

When a party is delegated to take the best action for another party in the current situation. This is done when not all possibilities can be prepared for or when fast choices

BEST OF TWO OPTION

A payoff thats the same as paying off two options. Refer to worst of two option.

BEST PRACTICABLE ENVIRONMENTAL OPTION (BPEO)

The UK practice of controlling pollution without penalties. The costs of pollution are covered by economic benefits. It allows more that would be standard emissions. AKA best practicable means.

BEST PRACTICE

The way that shows results every time. Its the benchmark. REfer to best in class and leading practice.

BEST RATE

The lowest rate that still lets a buyer have convenience.

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