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Business Law

Terms in this set (115)

Administrative Law
the area of law dealing with the legislature creating statute agencies that will regulate industries or other conduct
Common Law
customs which have become recognized by the courts as binding in the community
Constitutional Law
the laws creating the formation of the government, authorizing those acts which the government can perform and describing the relationship between the government and the citizens
Judicial Law
laws created by judges making decisions in court cases
Law
those rules of conduct commanding what is right and prohibiting what is wrong
ordinances
laws enacted by a municipality
Stare decisis
the principle that the decision of a higher court should serve as a guide or precedent and control the decision a similar case in the future.
statutes
laws which are enacted by legislative bodies
business law
those rules of conduct prescribed by government and its agencies in regulating business transactions; law of agency and applying that law to business forms such as proprietorships, partnerships and corporations
Civil Law
the body of law concerned with private or purely personal rights
Crime
an offense that is injurious to a society as a whole
Criminal Law
laws dealing with crimes and punishment of wrong doers
equity
a system of law designed to furnish remedies for wrongs for which no adequate legal remedy, money damages, was provided by the common law
felony
a more serious criminal offense that is punishable by death or incarceration for more than one year
injunction
a court order that orders a person to do or refrain from doing a certain act, and example of an award in equity
intentional
a state of mind where acts are committed willfully, voluntarily and/or purposefully
malpractice
a breach of contract by a professional person
misdemeanor
a less serious criminal offense, punishable by fine or imprisonment of less than one year
negligence
failure to exercise reasonable care; omission to do something which a reasonable person would do under ordinary circumstances
rescission
requiring each party to surrender their rights under the contract, return whatever each has received and terminate the contract
scienter
actual knowledge of that which a reasonable person could expect to know
strict liability
conduct that is either so dangerous or special that if a person performs it and injury occurs to another, liability will be found regardless of the degree of care used
tort
a private or civil wrong, other that breach of contract, for which there may be action for damages
tortfeasor
the person committing the tort causing harm to the victim
answer
official document detailing a defendant's defense
appeal
request to a higher court to review lower courts decision
appeal de novo
after a trial/hearing, the appeal to the next level court will conduct another trial as the the first trial never occurred
appellate review
after a trial/hearing, the appeal to the next level of court where the court will review the record of what happened at the lower level. The court will not conduct a trial nor receive new evidence or testimony
appellate courts
courts hearing cases appealed from a lower court
arbitration
a non-judicial proceeding where the parties submit their dispute to a panel or individual. The arbitrator is responsible for making a decision. It does not matter if the decision is binding or non-binding.
arraignment
charging a person with a crime and asking for that person's plea
arrest
to take into police custody
booking
administrative step taken after an arrested person is brought to the police station
certiorari
a request made to the United States Supreme Court asking permission for that court to review the decision of a lower court
complaint
the written request that initiates a civil law suit
defendant
the person against whom a legal action is brought
discovery
pretrial steps take to learn the details of the case
execution
the carrying out or completion of some task
jurisdiction
the power of a court to hear a case
mediation
an alternative dispute resolution process wherein the parties to a dispute meet with a mediator who facilitates the reaching of an agreement between the parties
plaintiff
the individual who initiates a civil action
remand
the action an appellate court takes when sending a case back to the trial court for further action consistent with the appellate court's decision
summons
a notice given to the defendant, attaching the complaint and stating the time frame on which an answer must be filed or an appearance made
trial court
court which conducts the original trial and renders its decision
venue
a determination of which courthouse with jurisdiction within the federal or state system will be the location where the trial occurs
bilateral contract
a contract which consists of mutual promises to perform some future acts
contract
an agreement between two or more competent persons which is enforceable by law; the agreement must be in the form required by law and have a lawful business purpose
executed contract
those contracts in which the terms have been fulfilled
executory contract
those contracts in which the terms have not been executed or fulfilled by the parties
express contract
a contract in which the parties express their intentions, either orally or in writing at the time of the agreement
formal contact
those contracts which must be in special form or produced in a certain way, such as under seal
implied contract
a contract in which the terms of the contract are implied by acts or conduct of the parties
simple contract
any contract other than a formal contract, whether written, oral or implied
unenforceable contract
an agreement which at the current time is not enforceable by law
unilateral contract
a contract formed when an act is done in consideration for a promise
valid contract
a contract which will be enforced by the court
void contract
an agreement of no legal effect
voidable contract
a contract which would be en enforceable agreement, but due to circumstances may be set aside by one of the parties.
acceptance
an agreement to an offer resulting in a contract
agent
the appointed by the principal to enter into a contract with a third party on behalf of the principal
counteroffer
an intended acceptance which changes or qualifies an original offer and, in effect, rejects that offer and becomes a new offer
duress
a means of removing one's free will, obtaining consent by means of a threat to do harm to the person, his family, his property or his earning power
fraud
the intentional or reckless false statement of a material fact, upon which the injured party relied, which induced the injured party to enter into a contract, to his or her detriment
misrepresentation
stating an untrue fact
mutual mistake
when both parties are mistaken concerning the identity or even the existence o the subject matter of the contract
offer
a proposal to make a contract
offeree
the person to whom an offer is made
offeror
the person who initiates the offer
rejection
refusal to accept
revocation
the annulment or cancellation of an instrument, act or promise by one doing or making the offer
unilateral mistake
when one party is mistaken concerning the quality, value or price of the subject matter of the contract or the terms of the contract
undue influence
improper influence that is asserted by one dominant person over another, without the threat of harm
adjudication
an order of court or a decree rendered after a judicial hearing
contractual capacity
the necessity that the parties desiring to enter into contract meet all requirements
disaffirmance
the repudiation of, or election to avoid, a voidable contract
minor
those persons under legal age
necessaries
items, required or proper and useful for sustaining a human being
ratification
conforming an act which was executed without authority or an act which is voidable
accord and satisfaction
an agreement made and executed in satisfaction of the rights one has from a previous contract
consideration
that which the promisor demands and receives as the price for a promise
forebearance
a person giving up the riight to perform an act that they were legally entitled to
Promissory Estoppel
an equitable doctrine that prevents the promisor from revoking the promise when the the promisee justifiably acts in reliance upon the promise to his detriment
Statute of Limitations
a law that restricts the period of time within which an action may be brought to court
antitrust
laws which week to promote competition among business
public policy
the judicial enforcement of conduct injurious to the welfare of individuals or a society at large. Example include agreements to waive liability for tortuous conduct, an agreement by a terminated employee not to compete with an employer
Sherman Antitrust Act
federal legislation intended to promote competition among businesses by prohibiting restraint of trade
Usurious
exceeding the maximum rate of interest which may be charges on loans
Administrator/executor
the person appointed by the court to act as agent for the estate of a decedent and is responsible for the collections of decedent's assets, payments of debt and distribution to lawful heirs
goods
moveable tangible real property
real property
land and those objects permanently attached to the land
Statute of Frauds
a statute originally enacted by English Parliament and now enacted in some form in all the American States, listing certain types of contracts which could only be enforced in written form
assignee
the party to whom the assignment is made
assignment
a means whereby one party in a contract conveys rights to another person who is not an original party to the contract
assignor
the party making the assignment
Anticipatory breach or repudiation
prior to the time performance is due on a contract, one party makes a clear and unequivocal statement that they will not perform
beneficiary
recipient of the proceeds of a life insurance policy; one who inherits property as specified in a will
Breach of Contract
a situation in which one of the parties to a contact fails or otherwise refuses to perform the obligations established in the contract
compensatory damages
an award paid to the injured party to cover the exact amount of their loss, but no more
creditor beneficiary
a person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty
discharge
termination of a contract by performance, agreement, impossibility, acceptance of breach or operation of law
donee beneficiary
a third party beneficiary to whom no legal duty is owed and performance is a gift
injunction
a permanent judicial order or decree forbidding the performance of a certain act.
liquidated damages
the amount of damages stipulated in a contract to be paid in the event one party breaches the contract
mitigation
the doctrine that say that the innocent, non-breachng party in a contract dispute must keep the damages suffered to a minimum
Nominal damages
a token award to symbolize vindication of the wrong done to the plaintiff, generally the award is $1.00
Novation
the substitution of a new party for one of the original parties to a contract, such that the prior contract terminates and a new now substitutes for it
Punitive damages
an award paid to the plaintiff in order to punish the defendant, not to compensate the plaintiff
rescission
canceling, annulling, avoiding
Specific Performance
a contract remedy by which the court requires the breaching party to perform the contract
Third party beneficiary
person not party to a contract, but whom parties intended to benefit.
Examples of Felonies
homicide, assault, rape, robbery, theft, drug offenses
Law Classified as Civil
Tort, contract, business, property
Tort Law
intentional torts, negligence, strict liability
Torts of Negligence
duty, breach of duty, proximate cause, damages
advertisements
invitations to deal; not considered a valid offer
THIS SET IS OFTEN IN FOLDERS WITH...