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Business Law Vocabulary Chapter 1-8

Laws
Enforceable rules of conduct in a society
Code
Laws grouped into an organized form
Common Law
Law based on the current standards or customs of the people
Positive Law
Law based on the dictates of a central political authority
Jurisdiction
Power of a court to decide a case
Equity
Basic Fairness
Constitution
Document that’s sets forth the frame-work of the government and its relationship to the people t governs
Statutes
Laws enacted by state or federal legislatures
Ordinances
Legislation enacted by a town, city, or county board or commission
Case Law
Made when an appellate court endorses a rule to be used in deciding court cases
Stare Decisis
Doctrine that requires lower courts to follow existing case law in deciding similar cases
Administrative agency
Governmental body formed to carry out particular laws
Civil Law
Group of laws used to provide remedy for wrongs against individuals
Criminal Law
Group of laws that defines and sets punishments for offenses against society
Procedural Law
Group of laws that defines the methods for enforcing legal rights
Substantive Law
Group of laws that define rights and duties
Ethics
Deciding what is right and what is wrong action in a reasoned, impartial manner
Civil Disobedience
Open, peaceful violation of a law to protest its alleged injustice
Declaration Of Independence
Document drafted by representatives of the 13 original colonies that asserts the rights desired by the colonists’
Articles of Confederation
Loose form of charter for common government adopted by the 13 colonies prior to adoption of the constitution
U.S Constitution
Document that consists of 7 articles that provide a workable framework for our federal government
Bill Of Rights
1st 10 amendments to the U.S constitution
Civil Rights
Personal, Human rights recognized and guaranteed by the U.S Constitution
Due process of law
Constitutional requirement for fundamental fairness in our legal and court system
System of Checks & Balances
Division and allocation of the powers of government between its various branches
Impeachment Case
Trying a government official for misconduct in office
Political Party
Private organization of citizens who select and promote candidates for public office
Amendment
Change or Alteration
Democracy
Governmental system in which citizens vote directly to decide issues
Republic
Governmental system in which citizens elect representatives to decide issues
Sovereignty
Freedom from external control
Interstate Commerce
Trade and other commercial intercourse between or among businesses in different states
Intrastate Commerce
Commerce conducted wholly within one state
Cyber law
Law that is intended to govern their use of computers in e-commerce and the internet
Litigate
To resolves disputes in court
Mediator
Independent 3rd party who tries to develop a non- binding solution acceptable to both sides of a dispute
Arbitrator
Independent 3rd party who develops a bonding and enforceable resolution to a dispute
Trial Court
1st Court to hear a dispute
Original Jurisdiction
Power to hear the case in full for the 1st time
Appellate Court
Reviews decisions of lower courts to determine if a significant error of law was made during trial
Transcript
Verbatim record of what went on at trial
Appellate Briefs
Written Argument on the issues of law submitted by opposing attorneys
General Jurisdiction
Court that can hear almost any kind of case
Special Jurisdiction
Court that hears only one specific type of case
Writ of Certiorari
Order to a lower court to produce the record of a case for the Supreme Court to review
Court of Record
Accurate, detailed report of what went on at trial
Associate Circuit Courts
Court that hears minor criminal cases, state traffic offenses, and lawsuits involving amounts of no more than $25,000
Municipal Courts
City Court, usually divided into traffic and criminal divisions
Small Claims Courts
State courts that handle disputes in which small amounts, generally $25,000 or less, are involved
Probate Courts
Administers wills and estates
Crime
Punishable offense against society
Vicarious Criminal Liability
Substituted criminal liability
Felony
Crime Punishable by more than one year in jail, a fine of more than $1,000, or both
Misdemeanor
Crime punishable by up to one year in jail, a fine of less than $1,000, or both
White-Collar Crimes
Crime typically committed in the workplace that does not involve violence or force nor does it cause injury to people or physical damage to property
Probable Cause
A Reasonable ground for belief
Defense
A legal position that allows the defendant to escape criminal liability
Procedural Defense
Defense based on problems with the way evidence is obtained or the way the accused person is arrested, questioned, tried, or punished
Substantive Defense
Defenses that disprove, justify, or otherwise excuse the alleged crime
Self- Defense
Use of force that appears reasonably necessary for the self- protection of an intended victim
Immunity
Freedom from prosecution for a crime
Contempt of Court
action that hinders the administration of justice in court
Punishment
Penalty provided by law and imposed by a court
Plea Bargaining
Agreement with prosecutors allowing defendant to plead guilty to a lesser crime than the more serious one he or she likely would be charged with
Tort
Private or civil wrong for which the law grants a remedy
Negligence
Most common tort based on carelessness
Intentional Torts
Tort in which the defendant means to commit the injurious acts
Assault
Intention threat or physically or offensively injure another
Battery
Harmful or offensive touching
False Imprisonment
Depriving a person of freedom of movement without consent and without privilege
Defamation
False statement that injures one’s reputation
Invasion of Privacy
Unwelcome and unlawful intrusion into one’s private life so as to cause outrage, mental suffering, or humiliation
Trespass (Trespass to Land)
To be on the land of another without right or permission of the owner
Conversion
Using property in a manner inconsistent with the owner’s rights
Strict Liability
Holding a defendant liable without a showing of negligence
Injunction
Court order for a person to do or not do a particular act
Evidence
Materials presented to prove or disapprove alleged facts
Testimony
Statements by witnesses under oath
Witness
Individual with personal knowledge of important facts
Subpoema
Written court order compelling a person to appear and testify
Verdict
Jury’s decision in a case
Judgment
Final result of a trial
Contracts
Agreement between two parties that creates an obligation
Offeror
Party who makes an offeror to form a contract
Offeree
Party to whom an offer is made
Offer
Proposal by an offeror to do something, provided the offeree does something in return
Revocation
Withdrawing an offer before it is accepted
Counteroffer
Offeree’s response t an offer which modifies it
Option
Separate contract arising when the offeree gives the offeror something of value in return for a promise to leave an offer open
Firm Offer
Binding offer starting in writing how long it is to be held open
Acceptance
In contracts, occur when a party to whom an offer has been made agrees to the proposal
Mirror Image Rule
Requires that the terms in the acceptance must exactly match the terms contained in the offer
Bilateral Contracts
Offeree can accept offer by giving a promise to the offeror instead of performing the contracted-for-act
Unilateral Contracts
Offeror promised something in return for the offeree’s performances and indicates that this performance is the way acceptance must be made
Genuine Asset
Agreement to enter into a contract that is evidenced by words or conduct between the parties
Void
Without legal effect
Rescission
Backing out of the transaction by asking for the return of what you gave and offering to give back what you recieved
Ratification
Acting toward the contract as though one intends to be bound by it; principal’s assent to unauthorized acts of and agent
Duress
Occurs when one party uses and an improper threat or act to obtain an expression of agreement
Undue Influence
Occurs when one party to a contract is in position of trust and wrongfully dominates the other party
Unilateral Mistake
Occurs when one party holds and incorrect belief about the facts related to a contract
Mutual Mistake
Both parties to a contract have an incorrect belief about an important fact
Material Facts
Important facts that influence both parties’ decisions about a contract
Innocent Misrepresentation
Party to a contract does not know that a statement he or she made is untrue
Fraudulent Misrepresentation
Party to a contract knows that a statement he or she made is untrue
Fraud
Intentional misrepresentation of an existing, important fact
Consideration
What a person demands and generally must receive in order to make his or her promise legally binding
Gift
Voluntary transfer of ownership without consideration
Donor
Person giving a gift
Donee
Person receiving a gift
Forbearance
Refraining from doing what one has a right to do
Promisor
Person who gives the promise or action in exchange for the promise or action of another
Promisee
Person to whom the promise or action is given in exchange for the other persons promise or action
Legal Value
Change in the legal position of a party as a result of a contract
Nominal Consideration
Token amount awarded when rights have been violated but there is no actual injury
Output Contract
Agreement to purchase all of a particular producers production
Requirement Contract
Seller agrees to supply all of the needs of a particular buyer
Liquidated Debt
Debt for which the parties agree that the debt exists and on the amount of the debt
Accord and Satisfaction
Parties’ agreement to change the obligation required by their original contract and the performances of the new obligation
Release
Part settles a claim at the time the tort occurs, and the liability is liquidated because the extent of damages is uncertain
Composition of Creditors
Agreement o money awarded to compensate for a plaintiff’s loss
Past Consideration
Act that has already been performers cannot be consideration for a promise in the present
Statute of Limitations
State laws setting time limit for bringing a lawsuit
Promissory Estoppel
Promise is enforced even though no consideration is given for it

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