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FBLA Business Law
Terms in this set (60)
Person who authorizes another in an agency relationship
Any contract formed electronically such as over the internet
Buyers select and agree to buy the goods @ sellers store
When payment for goods take place at a later date, the transfer of title takes place when
The principal & 3rd party
Any agreement reached by the representative in an agency relationship binds
A legitimate defense to wrongful interference
required to negotiate on behalf of the principal or bring him or her and third parties into contractual relationship.
is a natural person, business, or corporation that provides goods or services to another entity under terms specified in a contract or within a verbal agreement. Independent contractors are usually paid on a freelance basis. Contractors often work through a limited company or franchise, which they themselves own, or may work through an umbrella company.
Real estate broker/agent
a person who acts as an intermediary between sellers and buyers of real estate/real property and attempts to find sellers who wish to sell and buyers who wish to buy.
describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person (the 'bailor') to another person (the 'bailee') who subsequently has possession of the property. It arises when a person gives property to someone else for safekeeping, and is a cause of action independent of contract or tort.
is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another, also can be a person who is allowed to do certain tasks but not able to gain income.
The vast majority of small businesses start out like this. These firms are owned by one person, usually the individual who has day-to-day responsibility for running the business. They own all the assets of the business and the profits generated by it. They also assume complete responsibility for any of its liabilities or debts.
two or more people share ownership of a single business. Like proprietorships, the law does not distinguish between the business and its owners. They should have a legal agreement that sets forth how decisions will be made, profits will be shared, disputes will be resolved. Many split up at crisis times unless there is defined process. They must decide how much time and capital each will contribute, etc.
chartered by the state in which it is headquartered, is considered by law to be a unique entity, separate and apart from those who own it. It can be taxed; it can be sued; it can enter into contractual agreements. The owners are its shareholders. The shareholders elect a board of directors to oversee the major policies and decisions. It has a life of its own and does not dissolve when ownership changes.
Wages & hours
It requires employers to pay covered employees who are not otherwise exempt at least the federal minimum wage and overtime pay of one-and-one-half-times the regular rate of pay. For nonagricultural operations, it restricts the hours that children under age 16 can work and forbids the employment of children under age 18 in certain jobs deemed too dangerous. For agricultural operations, it prohibits the employment of children under age 16 during school hours and in certain jobs deemed too dangerous.
Workplace safety & health
An administered by the (OSHA). Most private industries are regulated by OSHA or OSHA-approved state programs, which also cover public sector employers. Employers covered by the OSH Act must comply with the regulations and the safety and health standards promulgated by OSHA. Employers also have a general duty under the OSH Act to provide their employees with work and a workplace free from recognized, serious hazards. OSHA enforces the Act through workplace inspections and investigations.
Americans with disabilities act of 1990
Flat organization structure
Many small companies use this, where very few levels of management separate executives from analysts, secretaries and lower-level employees. Best when a company has less than 20 employees, especially if the company employs one or two employees per department. One advantage of using this for management is that decisions can be made relatively quickly.
A functional organizational structure
centered on job functions, such as marketing, research and development and finance. Small companies should use this when they want to arrange their organizational structure by department. For example, a small company may have a director, two managers and two analysts in the marketing department. The director would likely report to the Chief Executive Officer, or CEO, and both managers would report to the director. In addition, each manager may have an analyst reporting to them. It works well when small companies are heavily project-focused.
Board of directors
is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors. It is often simply referred to as "the board".
is the practice of leasing for a prescribed period of time the right to use a firm's successful business model and brand. The word's meaning is free—and is used both as a noun and as a (transitive) verb. It is said to have a greater incentive than a direct employee because he or she has a direct stake in the business.
is a combination of two or more corporations engaged in entirely different businesses that fall under one corporate group, usually involving a parent company and many subsidiaries. Often, it is a multi-industry company and are often large and multinational.
Limited Liability Company
A (LLC) is a hybrid business entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC, although a business entity, is a type of unincorporated association and is not a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation, and it is well-suited for companies with a single owner.
In business, amalgamation is the merger and acquisition of many smaller companies into much larger ones.
The combining of two or more companies, generally by offering the stockholders of one company securities in the acquiring company in exchange for the surrender of their stock.
is a high ranking person in a given corporation that is assigned a title indicating his position within the corporation. While a corporation may have many positions under its purview, only the persons holding the highest ranking positions are considered this (or executives).
Party may do this after a breach of contract
A contract that cannot be enforced by law. They are different from voidable contracts, which are contracts that may be (but not necessarily will be) nullified. However, when a contract is being written and signed, there is no automatic mechanism available in every situation that can be utilized to detect the validity or enforceability of that contract.
A contract, unlike a void contract, is a valid contract. At most, one party to the contract is bound. The unbound party may repudiate the contract, at which time the contract is void.
A contract or transaction that is valid, but which the court will not enforce. It is usually used in contradistinction to void (or void ab initio) and voidable. If the parties perform the agreement, it will be valid, but the court will not compel them if they do not.
a contract in which all elements are specifically stated (offer, acceptance, consideration), and the terms are stated, as compared to an "implied" contract in which the existence of the contract is assumed by the circumstances.
occurs when one party in a contract presents information to another that is incorrect, deceitful, or meant to confuse the other party.
threats, violence, constraints, or other action brought to bear on someone to do something against their will or better judgment.
In jurisprudence, it is an equitable doctrine that involves one person taking advantage of a position of power over another person.
Minors & contracts
In the United States, persons under 18 are typically minor and their contracts are considered voidable; however, if the minor voids the contract, benefits received by the minor must be returned. The minor can enforce breaches of contract by an adult while the adult's enforcement may be more limited under the bargain principle
Breach of contract
is a legal cause of action in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.
Breach of Contract Remedies
Punitive & Compensatory & Liquidation
is the act of selling a product or service in return for money or other compensation.
18 or 16 with parental consent but the other partner must be 18 or older. Younger with judicial consent (with no strict minimum age). With parental consent, serious reasons are required for a minor to marry; without parental consent, the unwillingness of the parents has to constitute an abuse.
An agreement, antenuptial agreement, or premarital agreement, it is a contract entered into prior to marriage, civil union or any other agreement prior to the main agreement by the people intending to marry or contract with each other. The content of this agreement can vary widely, but commonly includes provisions for division of property and spousal support in the event of divorce or breakup of marriage. They may also include terms for the forfeiture of assets as a result of divorce on the grounds of adultery; further conditions of guardianship may be included as well.
is a marriage that is considered valid by both partners, but has not been formally registered with a state or church registry, or a formal religious service. In effect, the act of the couple representing themselves to others as being married acts as the evidence that they are married. In jurisdictions recognizing common-law marriages, such a marriage is not legally distinct from a traditional ceremonial marriage enacted through a civil or religious ceremony in terms of the couple's rights and obligations to one another.
A husband and wife may obtain a divorce through the simplified dissolution procedure only if all of the following statements are true about both spouses at the time that they jointly file a petition for simplified dissolution of marriage.
Requirements for a divorce
Residence and contact issues
typically arise in proceedings involving divorce (dissolution of marriage), annulment and other legal proceedings where children may be involved. In most jurisdictions the issue of which parent the child will reside with is determined in accordance with the best interests of the child standard.
is the process of anticipating and arranging for the disposal of an estate during a person's life. It typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. However, the ultimate goal of estate plan is determined by the specific goals of the client and may be as simple or complex as the client's needs dictate.
A testament is a legal declaration by which a person, the testator, names one or more persons to manage his or her estate and provides for the distribution of his property at death. For the devolution of property not disposed of by will, see inheritance and intestacy.
Requirements for will
Any person over the age of majority and of sound mind (having appropriate mental capacity) can draft his or her own will with or without the aid of a lawyer. (Estimates of the percent of Americans who write wills before they die range from 30 percent to 50 percent.
Bait and switch
the action (generally illegal) of advertising goods that are an apparent bargain, with the intention of substituting inferior or more expensive goods.
is the practice of making unethical or immoral monetary loans intended to unfairly enrich the lender. A loan may be considered usurious because of excessive or abusive interest rates or other factors, but according to some dictionaries, simply charging any interest at all can be considered it
Deceptive Service Estimates
Overcharging for services rendered
a right to keep possession of property belonging to another person until a debt owed by that person is discharged.
is an alternative dispute resolution (ADR) process whereby the parties to a dispute use a conciliator, who meets with the parties separately in an attempt to resolve their differences. They do this by lowering tensions, improving communications, interpreting issues, providing technical assistance, exploring potential solutions and bringing about a negotiated settlement.
A lawsuit or (very rarely) "suit in law" is a civil action brought in a court of law in which a plaintiff, a party who claims to have incurred loss as a result of a defendant's actions, demands a legal or equitable remedy. The defendant is required to respond to the plaintiff's complaint. If the plaintiff is successful, judgment is in the plaintiff's favor, and a variety of court orders may be issued to enforce a right, award damages, or impose a temporary or permanent injunction to prevent an act or compel an act. A declaratory judgment may be issued to prevent future legal disputes.
is an act of giving money or gift giving that alters the behavior of the recipient, where the gift is of a dishonest nature.
In criminal law, it is an agreement between two or more persons to commit a crime at some time in the future.
A wrongful act or an infringement of a right (other than under contract) leading to civil legal liability.
denotes an unlawful act punishable by a state
theft or misappropriation of funds placed in one's trust or belonging to one's employer.
Also known as commercial law, the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales.
This set is often in folders with...
FBLA Business Law 2015
Business Law FBLA
FBLA Business Law
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