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FBLA Business Law 2016
Terms in this set (156)
A common law doctrine under which judges are obligated to follow the precedents established in prior decisions
Writ of Certioria
a decision by the Supreme Court to hear an appeal from a lower court
A rule or body of rules of conduct inherent in human nature and essential to or binding upon human society
A legally enforceable agreement when relating to an insurance policy; for workers' compensation cases, and agreement involving two or more parties in which each is obligated to the other to fulfill promises made
A document which spells out the principles by which a government runs and the fundamental laws that govern a society
A regulation enacted by a city or county legislative body that becomes part of that state's statutory law
To hear and decide judicially; to judge
(civil law) a law established by following earlier judicial decisions
A legal system based on custom and court rulings
an example that is used to justify similar occurrences at a later time
An individual or group being sued or charged with a crime.
Statute of Limitations
A federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced.
Group of laws that define the methods for enforcing legal rights and duties.
Group of laws that define rights and duties
A formal, written document that defines the ethical standards of an organization and gives employees the information they need to make ethical decisions across a range of situations
A set of moral principles that may be held by a society, a group or an individual.
law that is intended to govern the use of computers in e-commerce and the Internet
A law that governs relationships between individuals and defines their legal rights.
A law that defines crimes against the public order.
Checks and Balances
A system that allows each branch of government to limit the powers of the other branches in order to prevent abuse of power
Concerned with business transactions and the operation of business establishments
Bill of Rights
First 10 Amendments
An area of authority or control; the right to administer justice.
Long Arm Statute
A state statute that permits a state to obtain personal jurisdiction over nonresident defendants. A defendant must have certain "minimum contacts" with that state for the statute to apply.
lawsuits or legal actions
(adj.) willing to do what someone else wants; obedient
A claim made by a defendant in a civil lawsuit against the plaintiff. In effect, the defendant is suing the plaintiff.
A court's calendar, showing the schedule of cases it is to hear
A form of communication between opposing sides in a conflict in which offers and counteroffers are made and a solution occurs only when both parties agree
A method of settling disputes outside of court by using the services of a neutral third party, who acts as a communicating agent between the parties and assists them in negotiating a settlement.
(law) the hearing and determination of a dispute by an impartial referee agreed to by both parties (often used to settle disputes between labor and management)
A clause in a contract that provides that, in the event of a dispute, the parties will submit the dispute to arbitration rather than litigate the dispute in court.
in law, a civil misdeed requiring compensation
wrongful interference with the business rights of another
A tort committed via the Internet.
A threatened or attempted physical attack by someone who appears to be able to cause bodily harm if not stopped
the unlawful beating of a person; act of beating or pounding; any large group of related things
A mental state or frame of mind that the person knowingly did the particular criminal act (break the law). May be general, specific or transferred intent.
Compensation awarded to a plaintiff that goes beyond reimbursement for actual losses and is imposed to punish the defendant and deter such conduct in the future. Also called exemplary damages.
A person who brings a legal action against another
A permit issued to operate as a corporation; also known as certificate of incorporation.
a body of law arising out of the special conditions relating to the use of computers, as in computer crime or software copyright
Freedom of Religion, Speech, Press, Assembly, and Petition
Right to bear arms
Freedom from unreasonable searches and seizures
Criminal Proceedings; Due Process; Eminent Domain; Double Jeopardy; Protection from Self incrimination
Criminal Proceedings; Must inform defendant of charge/s; Right to Attorney; Right to fair impartial jury
Right to a trial by jury in civil cases
Amendment that prohibits excessive bail amounts and cruel and unusual punishment.
Citizens entitled to rights not listed in the Constitution
Amendment that gives the rights not delegated to National government or denied to the States to the States.
Allows the govt to take property for public use but also requires the govt to provide just compensation for that property
property rights that belong to the community at large, are unprotected by copyright or patent, and are subject to use by anyone
Areas of a person's life that are not subject to governmental domain.
the prosecution of a defendant for a criminal offense for which he has already been tried
Careless neglect, often resulting in injury
: Makes manufactures or suppliers responsible for selling goods that are unreasonably dangerous.
A proposal by one party to another intended to create a legally binding agreement. Terms must be clear, definite and certain
Bait and Switch
A store advertises bargains that do not really exist to lure customers in, in hopes that they will buy more expensive merchandise.
The course of action the government takes in response to an issue or problem
Crime committed by people of high social position in the course of their occupations; no violence
The institution has the responsibility and accountability for maintaining an environment that ensures safety & quality
A legal theory under which a person is barred from asserting or denying a fact because of the person's previous acts or words.
A contract that has been completely performed by both parties.
when parties have NOT yet performed their agreement
a marriage without an official ceremony made legally binding by mutual agreement and legally established conditions
Designed to put the injured party in the position she would have been in had both sides fully performed their obligations
Puts the injured party in the position he would have been in had the parties never entered into a contract. focuses on the time and money that the injured spent performing his part of agreement. If there is no valid contract court may reward reliance damages under promissory damages.
A three-way agreement in which the obligor transfers all rights and duties to a third party.
An intentional, knowing relinquishment of a legal right.
The recipient of funds, titles, property, and other benefits
The person to whom a gift is made
The owner of the personal property that is being temporarily transferred as part of a bailment
A person who receives personal property from another as a bailment.
One who owes a duty under a contract
Assignor; One to whom an obligation is owed.
The party to whom the assignment is made.
One who assigns or transfers property.
An official who is expected to represent the views of his or her constituents even when personally holding different views; one interpretation of the role of legislator.
party delegating his duty to a third party
A partnership in which all owners share in operating the business and in assuming liability for the business's debts.
Limited Liability Partnership
Limited Liability Company
Corporation whose members are not personally liable for company debts and whose earnings are taxed only once, when they are paid out as dividends. It has fewer rules and restrictions than does an S-corporation.
A partnership created by two or more companies for a specific purpose over a set period of time
A risky or daring undertaking; to expose to danger; to dare
Partnership by Estoppel
A judicially created partnership that may, at the court's discretion, be imposed for purposes of fairness. The court can prevent those who present themselves as partners (but who are not) from escaping liability if a third person relies on an alleged partnership in good faith and is harmed as a result.
A person who performs services for another under an express or implied agreement and who is not subject to the other's control, or right to control.
A worker who is hired to perform a job
A person or business that pays a person or group of people to work.
the act of restoring someone or something to the rightful owner or to a former state or position; making good on a loss or damage
a judicial remedy issued in order to prohibit a party from doing or continuing to do a certain activity
someone who is an active supporter and advocate
A legal difference between the owners of a company and the business itself. This ensures owners are protected from any loss made by the company.
segregation that is mandated by law and imposed by the government
segregation that exists by practice and custom
Federal Regulatory Statutes
Board of Directors
A group of people elected by the stockholders of a corporation to set the policies for the corporation.
Persons appointed by Board of Directors to manage day-to-day operations of corporation
A written guarantee
Implied Warranty of Merchantibility
A seller who is a merchant-dealer warrants that his goods are fit for their ordinary use.
Implied Warranty of Fitness for Human Consumption
Warranty of Title
The seller warrants that the title being conveyed is good and that the transfer is lawful.
n. Knowledge shared with another or others regarding a private matter.
A denial of responsibility or knowledge
Assumption of Risk
A doctrine under which a plaintiff may not recover for injuries or damage suffered from risks he or she knows of and has voluntarily assumed.
A written promise or order to pay a specific sum of money that may be transferred by endorsement or delivery. The transferee then has the original payee's right to payment.
One in possession of commercial paper.
Holder in Due Course
A person in possession of a negotiable instrument who accepts the negotiable instrument in good faith and for value.
the signature or statement of purpose by the owner on the back of a negotiable instrument, which indicates the future control of the instrument.
A written contract with a promise to pay a supplier a specific sum of money at a definite time
Certificate of Deposit
A written acknowledgment of the receipt of money and its promise to pay back the money, usually with interest on the due date
A written, signed, and dated order from one party ordering another party, usually a bank, to pay money to a third party.
Orders the money to be paid
One ordered to pay the money
A person to whom money is paid
Negotiable Instrument commonly written by an entity to pay for large goods.
a check drawn by a bank on its own funds and signed by an officer of the bank
A way for people with no checking account to send money by mail
A contract for the sale of goods in which the seller is required or authorized to ship the goods by carrier. The seller assumes liability for any losses or damage to the goods until they are delivered to the carrier.
Free on Board
Delivered to Carrier
Delivered alongside vessel
Cost of Goods, Insurance, and Freight
Seller does not insure goods
Collect on Delivery
Risk pass to Buyer when Seller delivers to a specific destination.
Sale on Approval
Risk of loss remains with Seller until Buyer accepts
Sale or Return
Risk of loss with Buyer wile goods are in his/her possession AND during return to Seller
A delivery of personal property to someone under an express or implied contract whereby the property is accepted and later redelivered after the purpose of the contract is fulfilled.
one party may be responsible for negligent activities of another party; e.g. bar owners liable for actions of customers to whom they have served too much alcohol
Legal cause; exists when the connection between an act and an injury is strong enough to justify imposing liability.
The "guilty mind" necessary to establish criminal responsibility.
A false statement which harms the reputation of others and gives occasion for false judgments concerning them; same as calumny. (Spoken)
A written defamation of a person's character, reputation, business, or property rights.
A feeling of disdain for anything considered mean or worthless
to make fun of
disgrace, loss of reputation
(law) compensation for losses that can readily be proven to have occurred and for which the injured party has the right to be compensated
Oral questions asked of parties and witnesses under oath.
A legal document summoning someone to court
Writ of Execution
A writ to carry out a court order, usually arising from a judgment.
A rule in tort law that reduces the plaintiff's recovery in proportion to the plaintiff's degree of fault, rather than barring recovery completely; used in the majority of states.
A rule in tort law that completely bars the plaintiff from recovering any damages if the damage suffered is partly the plaintiff's own fault; used in a minority of states.
Pain and Suffering Damages
Usually 5 times the medical expenses
Against a company generally adds up to be about 10% of yearly profits
change in the legal position of a party as a result of a contract
A bargained for exchange of promises which a legal detriment is suffered by the promise.
Giving away ones rights for a promise. (Uncle promises you 25K to not drive until 21, give up your right to drive)
Misleading, deceptive; lacking in or not based on reality
Agreement, state of harmony
An agreed-to settlement for a debt.
Damages awarded "plaintiff gets as much as he deserves". Morally ought to have.
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