Back Dating
When application date is after the effective date on any contract. Insurers do this deciding age younger than the actual age of the insured.
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.
Badwill
When a company has a bad business practice that investors find out about. Revenue is lost as well as investors, customers, and suppliers. The market value also goes down. This can also be tried in court.
Bail
Release of a defendant from custody, until his or her next appearance in Court, sometimes subject to security being given and/or compliance with certain conditions.
Bail Court
In English law and practice. An auxiliary court of the court of queen’s bench at Westminster, wherein points connected more particularly with pleading and practice are ar- pued and determined. Holthouse.
Bailbond
A bond executed by a defendant who has been arrested, together with other persons as sureties. naming the sheriff, constable, or marshal as obligee, in a penal sum proportioned to the damages claimed or penalty denounced, conditioned that the defendant shall duly appear to answer to the legal process in the officer’s hands, or shall…
Bailee
Bailee is an organisation or person who is looking after valuable items for the owner.
Bailiff
Along with enforcement officers, a Bailiff has legal power to remove and sell possessions in order to pay debts owed to a person or an organisation. They can conduct evictions, and arrest people. A bailiff can also serve court documents on people.
Bailment
Transferring possession of goods from the owner to someone else. The ownership of the goods is not transferred. A practical example of bailment is that someone who hires a television has possession of it, but the rental company still owns the television.
Balancing the Book
Closing accounts at the end of a period. The total debt and credit is reconciled determining profit or loss.