But-for test n. In criminal and tort law, the principle that causation exists only if the harm suffered by a party would not have happened in the absence of (but for) the defendant's conduct.
Buyer n. One who buys or agrees to make a purchase.
Buyer in the ordinary course of business. A person who buys goods in the usual manner from a person in the business of selling such goods and who does so in good faith and without knowledge that the sale violates another person's ownership rights or security interest in the goods. Such a buyer will have good title to the item purchased.
Ready, willing, and able buyer. A person who is legally and financially able and has the disposition to make a particular purchase.
Buy-sell agreement n. An agreement among the owners of a business or the stockholders of a closed corporation to purchase, or to have the business or corporation purchase, the interest or shares of any withdrawing or deceased owner or stockholder.
By-law n. A rule or administrative provision adopted by an association, corporation, or other body, subordinate to the body's articles of incorporation, charter, or constitution, that regulates the body's self-government and the rights and duties of its officers and members.