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 Bad
Faith:
Intent to deceive. A person who intentionally tries to deceive or mislead
another in order to gain some advantage.
Bail:
Criminal law: a commitment made (and possibly secured by cash or property)
to secure the release of a person being held in custody and suspected
of a crime, to provide some kind of guarantee that the suspect will appear
to answer the charges at some later date.
Bailee:
The person who receives property through a contract of bailment, from
the bailor, and who may be committed to certain duties of care towards
the property while it remains in his or her possession.
Bailiff:
A person who is appointed under the Debt Collection Act who will act or
assist any other person to repossess, cease or distrain pursuant to conditions
set out in various Acts.
Bankrupt:
A person who has made an assignment or against whom a receiving order
has been made, or the legal status of that person.
Bankruptcy:
The state of being bankrupt.
Battery
Intentional physical contact that is harmful or offensive to the other person; the completion of an assault in tort law.
Bare
Trust:
A trust that has become passive for the trustee because all the duties
the settlor may have imposed upon the trustee have been performed or any
conditions or terms have come to fruition, such as there is no longer
any impediment to the transfer of the property to the beneficiary.
Beneficiary:
The person who is in receipt, or will be in receipt, of some asset, thing,
or thing of value. For example, a person can make a will naming
someone, usually their spouse, as beneficiary of their estate.
Beneficial
Ownership:
Where a person has the right of enjoying use and advantage of another's
property.
Barrister:
A litigation specialist; a lawyer that restricts his or her practice to
the court room. Canadian lawyers use the title "barrister and solicitor" even though, contrary to England, there is no legal distinction between
the advising and litigating roles. Canadian lawyers can litigate or give
legal advice.
Bench:
A judge in court session.
Beneficiary:
In a legal context, a "beneficiary" usually refers to the person
for whom a trust has been created.
Berne
Convention:
An international copyright treaty called the Convention for the Protection
of Literary and Artistic Works signed at Berne, Switzerland in 1886.
Bill
of Exchange:
A legal document, such as a cheque, where one person in writing specifies
that a third party will pay a person a specific sum of money at a specific
time, or upon demand.
Bill
of Lading:
A document received by a transportation company acknowledging that it
has received certain goods and, for the purpose of transportation, serves
as title to that property.
Bill
of Sale:
An agreement in writing signifying that one person for a specific sum
of money has acquired specific assets.
Blind
Trust:
A trust set up by a settlor who reserves the right to terminate the trust
but other than that, agrees to assert no power over the trust, which is
administered without account to the beneficiary/settlor or the retention
of any other measure of control over the trust's administration. In Canada,
for example, it is common for government ministers to vest all their investment
property to a blind trust to avoid any conflict of interest.
Bona
Vacantia:
Property that belongs to no person, and which may be claimed by a finder.
In some states, the government becomes owner of all bona vacantia property.
Book
Debts:
Accounts receivables owned by a company.
Bona
Fide:
In good faith; genuine; without fraud or deceit.
Bond:
A written instrument with sureties, guaranteeing faithful performance
of acts or duties contemplated.
Bond
(in bond):
Stored under charge of customs until importer pays duty.
Breach
of contract:
The failure to do what one promised to do under a contract. Proving a
breach of contract is a prerequisite of any suit for damages based on
the contract.
Breach
of trust:
Any act or omission on the part of the trustee which is inconsistent with
the terms of the trust agreement or the law of trusts. A prime example
is the redirecting of trust property from the trust to the trustee, personally.
Builder's
Lien:
The action that a supplier of goods or services, in respect of construction,
can take by filing an entitlement against that property for monies he
is owed. Refer to the Builder's Lien Act.
Burden
of Proof:
A rule of evidence that makes a person prove a certain thing or the contrary
will be assumed by the court. For example, in criminal trials, the prosecution
has the burden of proving the accused guilt because innocence is presumed.
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