Legal Glossary - B

 

Bar

Collective term referring to all barristers and their profession.

 

Barrister

 A member of the legal profession who argues their clients’ cases at court. Compare with Solicitor.

 

Beneficiary

A person or corporation who has been granted property rights over property or money held in trust. While the settlor had original control over the subject property, and while the trustee holds the legal title to it, the beneficiary has a form of ownership called equitable title. As long as the beneficiary’s equitable title remains, the relevant property cannot be interfered with.

 

Bilateral contract

A contract formed by the exchange of promises. This includes not only contract whose terms (express or implied) are the result of negotiation or cooperative arrangements, but also standard form contracts written by only one party. See also unilateral contract. The law is the same for unilateral and bilateral contracts.