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...
business law
balloon payment
Balloon payments refer to very large payments at the end of some short-term loans called balloon loans. Balloon loans are used in commercial settings and sometimes for personal loans, but since the balloon payment often is more than twice the...
bankruptcy
Overview:
Bankruptcy law provides for the reduction or elimination of certain debts, and can provide a timeline for the repayment of nondischargeable debts over time. It also permits individuals and organizations to repay secured debt....
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...
beneficial owner
Beneficial owner is a person or entity who ultimately owns or controls an interest in a legal entity, such as a security, property, or interest in a trust.
In the Securities context, for example, individuals who 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...
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...