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Business Law Vocabulary Final Exam Review
Terms in this set (82)
A person, especially a public official, who institutes legal proceedings against someone. A lawyer who conducts the case against a defendant in a criminal court. Also called prosecuting attorney.
The unlawful premeditated killing of one human being by another.
The crime of killing a human being without malice aforethought, or otherwise in circumstances not amounting to murder.
Entry into a building illegally with intent to commit a crime, especially theft.
Theft of personal property.
Many states define robbery as theft/larceny of property or money through the offender's use of physical force or fear against a victim. ... Unlike burglary, the crime of robbery almost always requires the presence of a victim who suffers actual injury, or is threatened with harm.
An action or omission that constitutes an offense that may be prosecuted by the state and is punishable by law.
Failure of an injured plaintiff to act prudently, considered to be a contributory factor in the injury suffered, and sometimes reducing the amount recovered from the defendant.
Comparative negligence, or non-absolute contributory negligence outside the United States, is a partial legal defense that reduces the amount of damages that a plaintiff can recover in a negligence-based claim, based upon the degree to which the plaintiff's own negligence contributed to cause the injury.
Assumption of Risk
Is a defense in the law of torts, which bars or reduces a plaintiff's right to recovery against a negligent toreador if the defendant can demonstrate that the plaintiff voluntarily and knowingly assumed the risks at issue inherent to the dangerous activity in which he was participating at the time
. 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.
when you revoke (put an end to the validity) of the proposed contract. Revocation is the act of recall or annulment. It is the reversal of an act, the recalling of a grant or privilege, or the making void of some deed previously existing.
to reject a contract
Conspiracy is a secret plan by a group to do something unlawful or harmful.
Legal interest is prescribed by the applicable state statute as the highest that may be legally contracted for, or charged.
A lottery exists when you must pay for a chance to win a prize.
A licensing agreement is a legal contract between two parties, known as the licensor and the licensee.
Restraint of Trade
Legal contract between a buyer and a seller of a business, or between an employer and employee, that prevents the seller or employee from engaging in a similar business within a specified geographical area and within a specified period. It intends to protect trade secrets or proprietary information but is enforceable only if it is reasonable with reference to the party against whom it is made, and is not contrary to the public policy.
2. Illegal contract that in any way colludes to damage another's opportunity or ability to carry out a business.
A restrictive covenant is any type of agreement that requires the buyer to either take or abstain from a specific action.
By definition, a covenant is a promise included in a contract or agreement, and the definition of a restrictive covenant agreement legally implies a party's consent to be restricted by that contract. The term "covenant" means "come together" in Latin and it conveys a willingness to do just that, but restrictive covenants have come under fire in some states because of their potential for restraint of trade.
They're not considered illegal, but restrictions that are particularly exacting have been found to limit the ability of an individual to do business.
Price fixing is a conspiracy between business competitors to set their prices to buy or sell goods or services at a certain price point.
Competitive Bidding is a method of procurement which is open to participation by any interested party.
An offer is an open call to anyone wishing to accept the promise of the offeror and generally, is used for products and services. Acceptance occurs when an offeree agrees to be mutually bound to the terms of the contract by giving consideration, or something of value like money, to seal the deal.
A principal is a party who gives legal authority to an agent to act on his or her behalf in business transactions. ... This is a business relationship where a principal gives legal authority to an agent to act on the principal's behalf when dealing with a third party. An agency relationship is a fiduciary relationship.
principle:owner of storer
agent: worker for the store
A minor change in a document.
Appellate courts are the part of the judicial system that is responsible for hearing and reviewing appeals from legal cases that have already been heard in a trial-level or other lower court.
the action of arraigning someone in court
arraign: call or bring (someone) before a court to answer a criminal charge.
assault vs battery
In some jurisdictions assault is defined as the threat of bodily harm that reasonably causes fear of harm in the victim while battery is the actual physical impact on another person. If the victim has not actually been touched, but only threatened (or someone attempted to touch them), then the crime is assault.
A bilateral contract is a is a reciprocal arrangement between two parties where each promises to perform an act in exchange for the other party's act.
When most people think of contracts, bilateral agreements come to mind. In its most basic form, a bilateral contract is an agreement between at least two people or groups. Most business and personal contracts fall into this category.
Examples of bilateral contracts are present in everyday life. You're entering this type of agreement every time you make a purchase at your favorite store, order a meal at a restaurant, receive treatment from your doctor or even checkout a book at your library. In each circumstance, you've promised a certain action to another person or party in response to that person or party's action.
A mutual mistake occurs when the parties to a contract are both mistaken about the same material fact within their contract.
An error on the part of both parties of a transaction regarding the same matter, such as if two people sign a contract under a certain understanding, while the contract actually conveys a different meaning than they each may have expected.
Bill of Rights
The Bill of Rights in the United States comprises the first ten amendments to the U.S. Constitution, which were adopted on December 15, 1791.
Breach of Contract
. A violation of a contract by either failing to perform one's own contractual obligations or by interfering with another party's performance of their obligations.
failing to perform any term of a contract, written or oral, without a legitimate legal excuse. This may include not completing a job, not paying in full or on time, failure to deliver all the goods, substituting inferior or significantly different goods, not providing a bond when required, being late without excuse, or any act which shows the party will not complete the work ("anticipatory breach.") Breach of contract is one of the most common causes of law suits for damages and/or court-ordered "specific performance" of the contract
Breach of Duty
Breach of Duty usually occurs when a person fails to act with the same reasonable care an ordinary person would use in the same circumstances.
In a general sense, any violation or omission of a legal or moral duty. More particularly, the neglect or failure to fulfill in a just and proper manner the duties of an office or fiduciary employment.
Failure to satisfy ethical, legal, or moral obligations, specially where someone has a corresponding right to demand the satisfaction.
A breach of duty occurs when one person or company has a duty of care toward another person or company, but fails to live up to that standard. A person may be liable for negligence in a personal injury case if his breach of duty caused another person's injuries.
Capacity means that a person is legally able to enter into a contract.
[Latin, Let the buyer beware.] A warning that notifies a buyer that the goods he or she is buying are "as is," or subject to all defects.
When a sale is subject to this warning the purchaser assumes the risk that the product might be either defective or unsuitable to his or her needs.This rule is not designed to shield sellers who engage in Fraud or bad faith dealing by making false or misleading representations about the quality or condition of a particular product. It merely summarizes the concept that a purchaser must examine, judge, and test a product considered for purchase himself or herself.
A body of rules that delineate private rights and remedies, and govern disputes between individuals in such areas as contracts, property, and Family Law; distinct from criminal or public law.
Common law is a body of unwritten laws based on precedents established by the courts.In contrast to civil law (which is based on a rigid code of rules), common law is based on broad principles. And whereas every defendant who enters a criminal trial under civil law is presumed guilty until proven innocent, under common law he or she is presumed innocent until proven guilty.
The party filing the complaint is usually called the plaintiff and the party against whom the complaint is filed is called the defendant or defendants.
Consideration is a benefit which must be bargained for between the parties, and is the essential reason for a party entering into a contract.
whenever u go to a store to make purchase, u exchange oney in order to recieve a product. the exchange of money and the reciept of the item is mutual consideration for the transaction. In every single agreement, there ust be consideration in order for the agreement to be legally binded.
-important part of contracts
-each person in a contract ust promise to do or not to something
-Consideration results in a benefit to each party, the failure to have consideration in an agreement can render the agreement unenforceable.
It lays down and guides the duties and powers of the government, and the duties and rights of its citizens and residents.
An agreement creating obligations enforceable by law. The basic elements of a contract are mutual assent, consideration, capacity, and legality. In some states, the element of consideration can be satisfied by a valid substitute.
Making a counter offer automatically rejects the prior offer, and requires an acceptance under the terms of the counter offer or there is no contract.
Criminal Law, as distinguished from civil law, is a system of laws concerned with punishment of individuals who commit crimes.
Making of false, derogatory statement(s) in private or public about a person's business practices, character, financial status, morals, or reputation. Oral defamation is a slander whereas printed or published defamation is a libel.
Duress has been defined as a "threat of harm made to compel a person to do something against his or her will or judgment; esp., a wrongful threat made by one person to compel a manifestation of seeming assent by another person to a transaction without real volition
Coercion to effect an unwilling person's agreement to a transaction. It may take the form of a (1) compulsive act, (2) threat that causes fear, or (3) use of moral or social pressure to overpower the will of the individual. Agreements entered into, or testaments signed under, duress are judged illegal and invalid. See also coercion and undue influence.
Restraint or danger, actually inflicted or impending, which is sufficient in severity or apprehension to deprive a person of free choice, destroy his volition, or obtain consent only in form.
Under the law, a person is not guilty of a crime if he participated only because he believed, and had good reason to believe, that he would be seriously harmed if he did not participate and had no other way of escaping serious harm. The burden is on the government to prove the defendant's guilt beyond a reasonable doubt. To find someone guilty, therefore, there must be proof beyond a reasonable doubt that when he participated in the offense, he did not have a reasonable belief that such participation was the only way he could save himself from serious harm.
An actual or a threatened violence or restraint of a man's person, contrary to law, to compel him to enter into a contract, or to discharge one.
Some divide duress into two sorts:
Business ethics is the study of proper business policies and practices regarding potentially controversial issues, such as corporate governance, insider trading, bribery, discrimination, corporate social responsibility and fiduciary responsibilities.
An assurance, promise, or guaranty by one party that a particular statement of fact is true and may be relied upon by the other party.
a crime sufficiently serious to be punishable by death or a term in state or federal prison.
the good reputation or brand identification enjoyed by a commercial entity. In bankruptcy and other areas of law, goodwill is considered an intangible asset
A group of people selected to sit on a jury that decide whether to return an indictment. An indictment formally charges a person with committing a crime and begins the criminal prosecution process. In the United States, a grand jury consists of 16 to 23 people.
the promise to pay another's debt or fulfill contract obligations if that party fails to pay or perform. 3) n. occasionally, the person to whom the guarantee is made. 4) a promise to make a product good if it has some defect
Courts appoint guardians to care for people who cannot take care of themselves. The person a guardian protects is called that guardian's ward. Wards may be either minor children or incapacitated adults.
A writ requiring a person under arrest to be brought before a judge or into court, especially to secure the person's release unless lawful grounds are shown for their detention.
An implied contract is an agreement created by actions of the parties involved, but it is not written or spoken.
implied warranty is a contract law term for certain assurances that are presumed to be made in the sale of products or real property, due to the circumstances of the sale.
A written accusation charging that an individual named therein has committed an act or omitted to do something that is punishable by law.
An indictment is found and presented by a Grand Jury legally convened and sworn. It originates with a prosecutor and is issued by the grand jury against an individual who is charged with a crime. Before such individual may be convicted, the charge must be proved at trial Beyond a Reasonable Doubt.
The purpose of an indictment is to inform an accused individual of the charge against him or her so that the person will be able to prepare a defense.
Actions that deliberately hurt, embarrass, or scare people.
the authority given by law to a court to try cases and rule on legal matters within a particular geographic area and/or over certain types of legal cases.
a deliberative body of persons, usually elective, who are empowered to make, change, or repeal the laws of a country or state; the branch of government having the power to make laws, as distinguished from the executive and judicial branches of government.
Magna Carta is a Latin term meaning "Great Charter". It was a document that established the rights of English barons and major landowners and limiting the absolute authority of the King of England.
the age when a person is legally considered a full adult, in most contexts either 18 or 21.
A person who is legally underage; who has not yet attained the age of majority
is only punishable by confinement to county or local jail and/or a fine.
the action or offense of giving a false or misleading account of the nature of something.
a lesson, especially one concerning what is right or prudent, that can be derived from a story, a piece of information, or an experience. a person's standards of behavior or beliefs concerning what is and is not acceptable for them to do.
Failure to use reasonable care, resulting in damage or injury to another.
present or proffer (something) for (someone) to accept or reject as so desired.
the offense of willfully telling an untruth in a court after having taken an oath or affirmation.
a previous case or legal decision that may be or ( binding precedent ) must be followed in subsequent similar cases.
the legal liability a manufacturer or trader incurs for producing or selling a faulty product.
A proximate cause is one that is legally sufficient to result in liability. It is an act or omission that is considered in law to result in a consequence, so that liability can be imposed on the actor. It is the cause that directly produces an event.
Real property, real estate, realty, or immovable property is any subset of land that has been legally defined and whose improvements come from human efforts.
A legal doctrine, most commonly used in tort, that holds an employer or principal legally responsible for the wrongful acts of an employee or agent, if such acts occur within the scope of the employment or agency. accidents & injuries
Statute of Limitations
Legislation that sets a timeframe (limitations period) within which affected parties must take action to enforce their rights or to seek redress after a damage or injury. This period varies according to the nature of the case. Its objective is to encourage diligent prosecution of certain offenses while evidence is available and fresh, and thus ensure finality and predictability in litigation. It is generally not applicable to cases involving fraud and murder. Also called limitation of liability act.
An act of a legislature that declares, proscribes, or commands something; a specific law, expressed in writing. A statute is a written law passed by a legislature on the state or federal level
Strict liability, sometimes called absolute liability, is the legal responsibility for damages, or injury, even if the person found strictly liable was not at fault or negligent.
A tort, in common law jurisdictions, is a civil wrong that unfairly causes someone else to suffer loss or harm resulting in legal liability for the person who commits the tortious act, called a tortfeasor.
Uniform Commercial Code
A standard set of business laws that regulate financial contracts.
The easiest way to understand unilateral business contract is by analyzing the word 'unilateral.' In its simplest terms, unilateral contracts involve an action undertaken by one person or group alone. In contract law, unilateral contracts allow only one person to make a promise or agreement.
You might see examples of unilateral contracts every day, too; one of the most common instances is a reward contract. Pretend you've lost your dog. You place an advertisement in the newspaper or online offering a $100 reward to the person who returns your missing pooch. By offering the reward, you're offering a unilateral contract. You promise to pay should anyone fulfill the obligation of returning your dog. You're the only person who has taken any action in this contract, as no one is specifically responsible or obligated to finding your dog passed on this interaction.
Another common example of a unilateral contract is with insurance contracts. The insurance company promises it will pay the insured person a specific amount of money in case a certain event happens. If the event doesn't happen, the company won't have to pay.
a mistake is an erroneous belief, at contracting, that certain facts are true. It can be argued as a defense, and if raised successfully can lead to the agreement in question being found void ab initio or voidable, or alternatively an equitable remedy may be provided by the courts.
Usury laws are regulations governing the amount of interest that can be charged on a loan. Usury laws specifically target the practice of charging excessively high rates on loans by setting caps on the maximum amount of interest that can be levied.
The crime of charging higher interest on a loan than the law permits.
State laws set the maximum amount of interest that can be charged for a loan of money. A lender that charges higher than the maximum amount of interest is guilty of the crime of usury. In addition, courts may modify contracts that contain usurious rates of interest by reducing the interest to the legal maximum.
A valid contract is a written or expressed agreement between two parties to provide a product or service.
verdict is a decision, opinion or a judgment, especially on a disputed issue
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