B. A transaction between two unrelated and unaffiliated parties.
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to pronunciation.Legal Definition -
1. A transaction between two unrelated and unaffiliated parties. 2. A transaction between two parties, however closely related they may be, conducted as if the parties were strangers, so that no conflict of interest arises.
Black's Law Dictionary® Eighth Edition © 2004
Recent Usage -
"The Qualifying Transaction has been negotiated between parties dealing at arm's length and shall not be subject to the approval of the shareholders of St-Pierre." Investissements St-Pierre Inc.