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Business Law for Accountants > Business Law for Accountants Vocab > Flashcards

Business Law for Accountants Vocab Flashcards

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1
Q

neither the federal or state governments can deprive any person of life, liberty, or property, without due process of the law

A

14th Amendment

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2
Q

nonverbal conduct that expresses opinions or thoughts about a subject, protected under the First Amendment

A

Compelling Government Interest

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3
Q

the provision in the First Amendment to the U.S. Constitution that prohibits Congress from establishing a state-sponsored religion, as well as from passing laws that promote religion or show a preference for one religion over another

A

Establishment Clause

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4
Q

the provision in the First Amendment to the US Constitution that prohibits Congress from making any law “prohibiting the free exercise” of religion

A

Free Exercise Clause

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5
Q

an order granted by a public authority, such as a judge, that authorizes law enforcement personnel to search a particular premise or property

A

Search Warrant

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6
Q

reasonable grounds for believing that a search warrant should be conducted or that a person should be arrested

A

Probable Cause

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7
Q

the provisions of the 5th and 14th Amendments to the US Constitution that guarantee that no person shall be deprived of life, liberty, or property without due process of law. Similar clauses are found in most state constitutions

A

Due Process Clause

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8
Q

requires that any government decision to take life, liberty, or property must be made equitably (with proper notice and opportunity to be heard)

A

Procedural Due Process

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9
Q

focuses on the content of legislation

A

Substantive Due Process

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10
Q

the provision in the 14th Amendment to the US Constitution that guarantees that no state will “deny to any person within its jurisdiction the equal protection of the laws.” This clause mandates that state governments treat similarly situated individuals in a similar manner

A

Equal Protection Clause

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11
Q

moral principals and values applied to social behavior

A

Ethics

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12
Q

ethics in a business conduct

A

Business Ethics

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13
Q

the minimum degree of ethical behavior expected of a business firm, which is usually defined as compliance with the law

A

Moral Minimum

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14
Q

the idea that investors and others should consider not only corporate profits but also the corporation’s impact on people and on the planet when assessing the firm (people, planet, profits)

A

Triple Bottom Line

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15
Q

a reasoning process in which an individual links his or her moral convictions or ethical standards to the particular situation on hand

A

Ethical Reasoning

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16
Q

an ethical philosophy rooted in the idea that every person has certain duties to others, including both humans and the planet. Those duties may be derived from religious principles or from other philosophical reasoning

A

Duty-Based Ethics

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17
Q

an ethical philosophy that focuses on the impacts (consequences) of a decision on society or on key stakeholders

A

Outcome-Based Ethics

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18
Q

the principle that human beings have certain fundamental rights (to life, freedom, and the pursuit of happiness, for example). A key factor in determining whether a business decision is ethical under this theory is how the decision affects the rights of others, such as employees, consumers, suppliers, and the community

A

Principle of Rights

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19
Q

a concept developed by the philosopher Immanuel Kant as an ethical guideline for behavior. In deciding whether an action is right or wrong, or desirable or undesirable, a person should evaluate the action in terms of what would happen if everyone else in the same situation, or category, acted the same

A

Categorical Imperative

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20
Q

an approach to ethical reasoning in which ethically correct behavior is related to an evaluation of the consequences of a given action on those who will be affected by it. In utilitarianism reasoning, a “good” decision is one that results in the greatest good for the greatest amount of people affected by the decision

A

Utilitarianism

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21
Q

the concept that corporations can and should act ethically and be accountable to society for their actions

A

Corporate Social Responsibility

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22
Q

a distinctive mark, motto, device, or implement that a manufacturer stamps, prints, or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known

A

Trademark

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23
Q

with respect to trademarks, a doctrine under which distinctive or famous trademarks are protected from certain unauthorized uses regardless of showing of competition or a likelihood of confusion

A

Dilution

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24
Q

a mark used in the sale or the advertising of services, such as to distinguish services of others (titles, character names, etc.)

A

Service Mark

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25
Q

a mark used by one or more persons, other than the owner, to certify the region, materials, mode of manufacture, quality, or accuracy of the owner’s goods or services

A

Certification Mark (Collective Mark)

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26
Q

the image and overall appearance of a product - for example, the distinctive decor, menu, layout, and style of service of a particular restaurant

A

Trade Dress

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27
Q

a government grant that gives an investor the exclusive right or privilege to make, use, or sell his or her invention for a limited time period

A

Patent

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28
Q

If a firm makes, uses, or sells anothers patented design, product, or process without the patent owners permission

A

Patent Infringement

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29
Q

the exclusive right to authors to publish, print, or sell an intellectual property for a statutory period of time

A

Copyright

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30
Q

information or a process that gives a business an advantage over competitors who do not know the info or process

A

Trade Secret

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31
Q

an agreement that can be enforced in court, formed by two or more parties, each of whom agrees to perform or refrain from performing some act now or in the future

A

Contract

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32
Q

a theory under which the intent to form a contract
will be judged by outward, objective facts as interpreted by a reasonable person, rather than by the party’s own secret, subjective intentions. Objective facts might include what a party said when entering into the contract, how a party acted or appeared, and the circumstances surrounding the transaction

A

Objective Theory of Contracts

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33
Q

the person who makes the offer

A

Offeror

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34
Q

the person to whom the offer is made

A

Offeree

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35
Q

a type of contract that arises when a promise is given in exchange for another promise

A

Bilateral Contract

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36
Q

a contract that results when an offer can be accepted only by the offeree’s performance

A

Unilateral Contract

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37
Q

a contract that by law requires a specific form, such as being executed under seal, to be valid

A

Formal Contract

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38
Q

a contract that does not require a specified form or formality in order to be valid

A

Informal Contract

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39
Q

a contract in which the terms of the agreement are fully and explicitly stated in words, oral or written

A

Express Contract

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40
Q

contract formed in whole or in part from the conduct of the parties (as opposed to an express contract)

A

Implied Contract

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41
Q

a contract that has been completely performed by both parties

A

Executed Contract

42
Q

a contract that has not been fully performed

A

Executory Contract

43
Q

a contract that results when the elements necessary for a contract formation (agreement, consideration, contractual capacity, and legality) are present

A

Valid Contract

44
Q

a valid contract rendered unenforceable by some statute or law

A

Unenforceable Contract

45
Q

a contract that may be legally avoided (canceled) at the option of one of the parties

A

Voidable Contract

46
Q

a contract having no legal force or binding effect

A

Void Contract

47
Q

a meeting of two or more minds in regard to the terms of a contract; usually broken down into events - an offer by one party to form a contract and an acceptance of the offer by the person to whom the offer is made

A

Agreement

48
Q

a promise or commitment to perform or refrain from performing some specified act in the future

A

Offer

49
Q

in contract law, the withdrawal of an offer by an offeror. Unless an offer is irrevocable, it can be revoked at any time prior to acceptance without liability

A

Revocation

50
Q

a contract under which the offeror cannot revoke his or her offer for a stipulated time period and the offeree can accept or reject the offer at any time during this period. The offeree must give consideration (money) for the option to be enforceable

A

Option Contract

51
Q

an offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer

A

Counteroffer

52
Q

a common law rule that requires for a valid contractual agreement, that the terms of the offeree’s acceptance adhere exactly to the terms of the offeror’s offer

A

Mirror Image Rule

53
Q

in contract law, the offeree’s indication to the offeror that the offeree agrees to be bound by the terms of the offeror’s proposal

A

Acceptance

54
Q

a rule providing that an acceptance of an offer becomes effective on dispatch

A

Mailbox Rule

55
Q

generally, the value given in return for a promise or a performance. The consideration, which must be present to make the contract legally binding, must be something of legally sufficient value and must be bargained for

A

Consideration

56
Q

(1) the act of refraining from exercising a legal right (2) an agreement between a lender and a borrower in which the lender agrees to temporarily cease requiring mortgage payments, to delay foreclosure, or to accept smaller payments than previously scheduled

A

Forbearance

57
Q

a remedy whereby a contract is canceled and the parties are returned to the positions they occupied before the contract was made; may be effected through the mutual consent of the parties, by their conduct, or by court degree

A

Recission

58
Q

something given or some act done in the past, which cannot ordinarily be consideration for a larger bargain

A

Past Consideration

59
Q

when a person expresses contract terms with such uncertainty that the terms are not definite, the promise is illusory

A

Illusory Promises

60
Q

an agreement for payment (or other performance) between two parties, one of whom has a right of action against the other. After the payment has been accepted or other performance has been made, the “accord and satisfaction” is complete and the obligation is discharged

A

Accord and Satisfaction

61
Q

a debt that is due and certain in amount

A

Liquidated Debt

62
Q

a debt that is uncertain in amount

A

Unliquidated Debt

63
Q

a contract in which one party forfeits the right to pursue a legal claim against the other party

A

Release

64
Q

an agreement to substitute a contractual obligation for some other type of legal action based on a valid claim

A

Covenant Not to Sue

65
Q

means any trademark that so resembles a registered trademark as to be likely to cause confusion or to deceive the public

A

Colorable Imitation

66
Q

a doctrine that applies when a promisor makes a clear and definite promise on which the promisee justifiably relies, such a promise is binding if justice will be better served by the enforcement of the promise

A

Promissory Estoppel

67
Q

barred, impeded, or precluded

A

Estopped

68
Q

the legal ability to enter into contracts; the threshold mental capacity required by law for a party who enters into a contract to be bound by that contract

A

Contractual Capacity

69
Q

the legal avoidance, or setting aside, of a contractual obligation

A

Dissafirmance

70
Q

charging an illegal rate of interest

A

Usury

71
Q

a contractual promise to refrain from competing with another party for a certain period of time and within a certain geographic area. Although covenants not to compete restrain trade, they are commonly found in partnership agreements, business sale agreements, and employment contracts. If they are ancillary to such agreements, covenants not to compete will normally be enforced by the courts unless the time period or geographic area is deemed unreasonable

A

Covenant Not to Compete

72
Q

a court-ordered correction of a written contract so that it reflects the true intentions of the parties

A

Reformation

73
Q

describes a contract or clause that is void on the basis of public policy because one party is forced to accept terms that are unfairly burdensome and that unfairly benefit the dominating party

A

Unconscionable

74
Q

a clause that releases a contractual party from liability in the event of monetary or physical injury, no matter who is at fault

A

Exculpatory Clause

75
Q

a state statute under which certain types of contracts must be in writing to be enforceable

A

Statute of Frauds

76
Q

a contract is a private agreement between the parties who have entered into it and traditionally these parties alone have rights and liabilities under the contract

A

Privity of Contract

77
Q

the act of transferring to another all or part of ones rights arising under a contract

A

Assignment

78
Q

the transfer of a contractual duty to a third party. The party delegating the duty (the delegator) to the third party (the delegatee) is still obliged to perform on the contract should the delegatee fail to perform

A

Delegation

79
Q

one for whose benefit a promise is made in a contract but who is not a party to the contract

A

Third-Party Beneficiary

80
Q

a contract for the sale of goods under which the ownership of goods is transferred from a seller to a buyer for a price

A

Sales Contracts

81
Q

the passing of title (evidence of ownership rights) from seller to buyer for a price

A

Sale

82
Q

a test that courts use to determine whether a contract is primarily for the sale fo goods or for the sale of services

A

Pre-Dominant Factor Test

83
Q

an agreement in which a buyer agrees to purchase and the seller agrees to sell all or up to a stated amount of what the buyer needs or requires

A

Requirements Contract

84
Q

an agreement in which a seller agrees to sell and a buyer agrees to buy all or up to a stated amount of what the seller produces

A

Output Contract

85
Q

an offer (by a merchant) that is irrevocable without consideration for a period of time (not longer than 3 months). A firm offer by a merchant must be in writing and must be signed by the offeror

A

Firm Offer

86
Q

in a sale of goods, the express designation of the specific goods provided for in the contract

A

Identification

87
Q

goods that are alike by physical nature, by agreement, or by trade usage

A

Fungible Goods

88
Q

a contract in which the seller is required to ship the goods after they are delivered to the carrier. Generally, a contract is assumed to be a shipment contract if nothing to the contrary is stated in the contract

A

Shipment Contract

89
Q

a contract in which the seller is required to ship the goods by carrier and deliver them to a particular destination. The seller assumes liability for any losses or damage to the goods until they are tendered at the destination specified in the contract

A

Destination Contract

90
Q

a writing exchanged in the regular course of business that evidences the right to possession of goods (for example, a bill of landing or warehouse receipt)

A

Document of Title

91
Q

a situation in which the personal property of one person ( a bailor) is entrusted to another ( a bailee) who is obligated to return the bailed property to the bailor or dispose of it as directed

A

Bailment

92
Q

under the UCC, the right of a party who tenders nonconforming performance to correct his or her performance within the contract period

A

Cured

93
Q

a property interest in goods being sold or leased that is sufficiently substantial to permit a party to insure against damage to the goods

A

Insurable Interest

94
Q

(1) the termination of an obligation, such as occurs when the parties to a contract have fully performed their contractual obligations (2) the termination of a bankruptcy debtors obligation to pay debts

A

Discharge

95
Q

in contract law, the fulfillment of one’s duties rising under a contract; the normal way of discharging one’s contractual obligations

A

Performance

96
Q

a possible future event, the occurrence or nonoccurrence of which will trigger the performance of a legal obligation or terminate an existing obligation under a contract

A

Condition

97
Q

a condition in a contract that must be met before a party’s promise becomes absolute

A

Condition Precedent

98
Q

an unconditional offer to perform an obligation by a person who is ready, willing, and able to do so

A

Tender

99
Q

the failure, wihtout legal excuse of a promisor to perform the obligations of a contract

A

Breach of Contract

100
Q
A

Business Law for Accountants (2 decks)

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