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Business Law Flashcards

Administrative Agencies
commissions or boards that have the power to regulate particular matters or implement laws
Antitrust Laws
laws designed to prevent an individual, corporation, or other group from controlling too large a share of the market for a product
Balloon Payment
payment more than twice the normal installment payments
Bearer
payee of the instrument made payable to whomever is in possession
Acceleration Clause
clause allowing entire principle to be due
Carrier
transporter of goods, people, or both
Certificate of Deposit
an acknowledgement by a bank of a receipt of money with an engagement to repay
Check
a draft payable on demand and drawn on a bank
Common Law
law based upon prior decisions of the judiciary
Compensatory Damages
amount equal to the loss sustained
Cosignor
is a person who is guarantor of the contract, especially a promissory note
Damages
sum of money a wrongdoer must pay to an injured party
Debt
obligation to pay money
Default
breach of contractual obligation other than money
Duress
obtaining consent to a contract by threatening to do harm to a person or members of the person’s family
Embezzlement
fraudulent conversion of property lawfully possessed
Fiduciary
a person who handles the money of another for the other person’s benefit
Finance Charge
total amount paid for credit
Injunction
a permanent order forbidding activities detrimental to others
Law
a rule of civil conduct, commanding what is right and prohibiting what is wrong
Limited Warranty
written warranty, no a full warranty
Liquidated Damages
sum fixed by contract for breach where actual damages are difficult to measure
Negotiable Instrument
a writing drawn in special form, which can be transferred as a substitute for money or an instrument of credit
Administrator
person appointed by court to administer estate of interstate; personal representative
Offer, Acceptance
must be present to have a contract between two parties
Order Paper
commercial paper made payable to the order of the named person
Ordinances
laws created by cities
Personal Property
movable property; interest less than complete ownership in land or rights to money
Plaintiff
the party who begins civil lawsuit
Presentment
the demand for acceptance or payment made upon the maker, acceptor, drawee, or other payer
Stare Decicis
the doctrine which makes higher court decisions binding on lower courts
Uniform Commercial Code
A set of uniform laws, consistently adopted and applied by most states that governs commercial transactions including commercial paper, bank deposits, bills of lading, investment securities and more.
Usury Laws
laws fixing the maximum rate of interest that may be charged on loans
ADA (Americans with Disabilities Act)
prohibits employment discrimination against qualified people with disabilities
Annuity Insurance
contract that pays monthly income to insured while alive
Common Stock
stock that entitles owner to vote
Agency
contract under which one party is authorized to contract for another
Agent
person appointed to contact on behalf of another
Articles of Partnership
written partnership agreement
Beneficiary
person who receives proceeds of life insurance
Broker
agent with job of bringing two contracting parties together
Collective Bargaining
process by which employer and union negotiate and agree on terms of employment
Contributory Negligence Rule
rule that states that an employer can escape liability for breach of duty if it can be established that the employee’s own negligence contributed to the accident
Employment at Will
employment terminable by employer or employee for any reason
Family Medical Leave Act
allows the employees the right to take leaves when family circumstances or illnesses require it
Fixture
personal property attached to real estate
Foreclosure
sale of mortgaged property to pay debt
General Agent
agent authorized to carry out particular kind of business at a place
Landlord
owner of leased property
Lien
encumbrance or claim against property
Limited Liability
capital contribution is maximum loss or the maximum amount an investor can lose equals that person’s actual investment in the business
Limited Partnership
partnership with partner whose liability is limited to capital contribution
Negative Covenant
agreement by grantee not to do an act
Not for profit corporation
one formed by private individuals for charitable, education, religious, social, or fraternal purpose
Partnership
association of two or more people to carry on business for profit
Public Corporation
one formed for governmental function
Respondent Superior
theory imposing liability on employers for torts of employees
Revocation
in terms of a will: a testor may revoke his will at any time
in terms of an agency: principle may revoke agent’s authority at any time
Sole Proprietorship
business owned and carried by one person
Special Agent
agent authorized to transact specific act or acts
Term Insurance
contract whereby insurer assumes risk of death of insured for specified time
Act of State Doctrine
the rule that a court should accept the validity of actions taken by a foreign government in its own country.
Will
document providing disposition of property after death
Statute of Frauds
a statutory requirement that in order to be enforceable certain contracts must be in writing
Bill of Sale
written agreement through which one party transfers or assigns rights or interest in goods to another party
Casualty Insurance
covers loss of property due to causes other than fire or the elements
Unlimited Liability
business debts payable from person’s assets
Affidavit
written statement of facts, made voluntarily by the person or party making the statement and then taken before an authorized party
Bill of Lading
document that provide evidence of receipt of goods; issued by party engaged in the transportation of goods.
Estate
the interest that a person has in real and personal property; the estate is determined by the nature, value of, and percentage of ownership of property and assets
By-laws
regulations, ordinances, rules or laws adopted by an association or corporation for its government
Civil Law
laws pertaining to private or civil rights and remedies (as opposed to Criminal Law)
Criminal Law
laws that define behaviors that government believes to be threatening or harmful to public safety and welfare; establishes punishments for the commission prohibited acts.
Discovery
pre-trial activity used to obtain facts and information from one party, assisting the other party with trial preparation
Escrow
system of document transfer whereby funds, a deed or bond is delivered to a third party to hold until all considerations set forth in a contract are fulfilled
Express Warranty
a promise that is explicitly made regarding a transfer of property or rights; affirms a promise about the goods or rights transferred and becomes part of the transaction or bargain
Indemnify
to reimburse for losses already incurred
Implied Warranty
obligation imposed by law upon a party transferring property or rights
Injunction
a remedy forbidding a party from committing an act which he or she is threatening to attempting to commit.
Lease
any agreement which gives rise to a relationship between lessor and lessee
Title
comprehensive term referring to the legal basis of the ownership of property; also a document that provides evidence of ownership
Ultra Vires
the doctrine that a contract made by a corporation that is beyond the scope of its corporate powers (as determined by its state of incorporation) is unlawful;
Tenancy in Partnership
joint ownership that determines partners’ rights specific to property held in partnership
Intellectual Property Law
the law that protects patents, copyrights, trade secrets and trade symbols
Tort
an injury or civil wrong (not a breach of contract) that the courts will find a remedy in the form of an action for damages; 3 elements of every tort action include (1) existence of legal duty from defending party to plaintiff (2) breach of that duty (3) damage as the result of the breach.
The Sarbanes-Oxley Act
also known as the ‘Public Company Accounting Reform and Investor Protection Act’, commonly called Sarbox or SOX; federal law which sets standards for all U.S. public company boards, management and public accounting firms.
Joint Venture
unincorporated business association made up of parties who combine their money, property, efforts, skills and / or knowledge in order to accomplish a particular business enterprise.
LLC (Limited Liability Corporation)
an unincorporated business association providing limited liability to its owners and mangers. LLCs may elect to be a taxable entity, not subject to corporate taxation; instead owners may be taxed as individuals.
Fiduciary Duty
the duty that parters owe to each other to be fair, loyal and to act in good faith; includes duty not to compete, have conflicts of interest or reveal information that is confidential.
Duty of Obedience
duty of partners to comply with the partnership agreement that defines their relationship, and to comply with decisions made by the partners
Duty of Care
duty of partners to manage the business of the partnership without gross negligence, reckless conduct or intentional misconduct, or in knowing violation of the law
Joint and Several Liability
creditors may sue partners jointly as a group or as individuals

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