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Glossary Terms Archive - Coonley Law


“Agreement,” as distinguished from “contract,” means the bargain of the parties in fact, as found in their language or inferred from other circumstances, including course of performance, course of dealing, or usage of trade as provided in Section 1.303.

Alcoholic Beverage

“Alcoholic beverage” means alcohol, or any beverage containing more than one-half of one percent of alcohol by volume, which is capable of use for beverage purposes, either alone or when diluted.


“Ale” or “malt liquor” means a malt beverage containing more than four percent of alcohol by weight.

Assumed Name

“Assumed name” means a name adopted for use by a person. The term includes an assumed name filed under Chapter 71, Business & Commerce Code.


“Beer” means a malt beverage containing one-half of one percent or more of alcohol by volume and not more than four percent of alcohol by weight.

Bill of Lading

“Bill of lading” means a document of title evidencing the receipt of goods for shipment issued by a person engaged in the business of directly or indirectly transporting or forwarding goods. The term does not include a warehouse receipt.


“Business” means a trade, occupation, profession, or other commercial activity.

Buyer in Ordinary Course of Business

“Buyer in ordinary course of business” means a person that buys goods in good faith, without knowledge that the sale violates the rights of another person in the goods, and in the ordinary course from a person, other than a pawnbroker, in the business of selling goods of that kind. A person buys goods in … Read more

Certificated Ownership Interest

“Certificated ownership interest” means an ownership interest of a domestic entity represented by a certificate issued in bearer or registered form.

Close Corporation

“Close corporation” means a for-profit corporation that elects to be governed as a close corporation in accordance with Subchapter O, Chapter 21.

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Texas Constitution