Board of Advisors

Bad Faith

Intentional dishonesty or misleading someone by entering into an agreement without the intention or means to fulfill it. Tips There is an implied covenant of good faith in M&A transactions,...

Basket

The minimum threshold amount that must be met before a seller becomes liable for the buyer’s losses caused by the seller’s breach of representations and warranties (reps & warranties). See...

Best Efforts

A legal term that obligates the parties to make their best attempts to accomplish an objective outlined in a contract. Example "The buyer will use its best efforts to obtain...

Bill of Sale

The document with which ownership of the assets of a business are transferred from seller to buyer if the sale is structured as an asset sale. See Also Closing, purchase...

Board of Directors

A group of experienced people, elected by the shareholders of an entity, who act as representatives of the shareholders and make major decisions for the company on behalf of the...