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Business Law > Glossary > Flashcards

Glossary Flashcards

Glossary of legal terms

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1
Q

Accredited Investors [definition]

A

institution (such as banks and insurance companies) or individuals (with a net worth of more than $1 million or an annual income of more than $200,000)

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2
Q

Adopt [definition]

A

agree to be bound by the terms of a contract

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3
Q

adversary system

A

A system based on the assumption that if two sides present their best case before a neutral party, the truth will be established

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4
Q

After-acquired property [definition]

A

Items that the debtor obtains after the parties have made their security agreement.

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5
Q

Agent [definition]

A

In an agency relationship, the person who is acting on behalf of a principal

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6
Q

Apparent authority [definition]

A

A principal does something to make an innocent third party believe that an agent is acting with the principal’s authority, even though the agent is not authorized

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7
Q

Arbitration [definition]

A

A form of ADR in which a neutral third party has the power to impose a binding decision

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8
Q

Assignee [definition]

A

The person receiving an assignment—a transfer of contract rights to a third party

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9
Q

Assignment [definition]

A

A transfer of contract rights to a third party

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10
Q

Assignor [definition]

A

The person making an assigment

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11
Q

Attorney-in-fact [definition]

A

The person who has the authority under a power of attorney to act for the principal

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12
Q

Beneficiary [definition]

A

Someone who receives the financial proceeds of a trust

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13
Q

Bilateral contract [definition]

A

A contract where both parties make a promise

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14
Q

Blue sky laws [definition]

A

State statutes regulating securities

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15
Q

Bona fide occupational qualification (BFOQ) [definition]

A

An employer is permitted to establish discriminatory job requirements if they are essential to the position in question

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16
Q

Breach of duty [definition]

A

A defendant breaches his duty of due care by failing to behave the way a reasonable person would under similar circumstances

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17
Q

C corporation [definition]

A

A corporation that provides limited liability to its owners, but is a taxable entity

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18
Q

Categorical imperative [definition]

A

An act is only ethical if it would be acceptable for everyone to do the same thing

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19
Q

Choice of forum [definition]

A

Determines the state in which any litigation would take place

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20
Q

Clean opinion [definition]

A

An unqualified opinion. The company’s financial statements fairly present its financial condition in accordance with GAAP

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21
Q

Codicil [definition]

A

An amendment to a will

22
Q

Comment letter [definition]

A

A letter from the SEC to an issuer listing changes that must be made to the registration statement

23
Q

Commerce Clause [definition]

A

Gives Congress the power to regulate commerce with foreign nations and among states

24
Q

Commercial exploitation [definition]

A

Prohibits the unauthorized use of another person’s likeness or voice for business purposes

25
Q

Common law [definition]

A

Legal precedents created by appellate courts

26
Q

Comparative negligence [definition]

A

A plaintiff may generally recover even if she is partially responsible

27
Q

Compensatory damages [definition]

A

Are those that flow directly from the contract

28
Q

Concerted action [definition]

A

Tactics taken by union members to gain bargaining advantage

29
Q

Consequential damages [definition]

A

Damages resulting from te unique circumstances of the injured party

30
Q

Consideration [definition]

A

The inducement, price, or promise that causes a person to enter into a contract and forms the basis for the parties’ exchange

31
Q

Contract [definition]

A

A promise that the law will enforce

32
Q

Contributory negligence [definition]

A

A plaintiff who is even slightly negligent recovers nothing

33
Q

Covenant [definition]

A

A promise in a contract

34
Q

Creditor beneficiary [definition]

A

Wen the contracting party intended the benefit in fulfillment of some duty or debt

35
Q

Debtor [definition]

A

Another term for bankrupt

36
Q

Debtor in possession [definition]

A

Under Chapter 11, the bankrupt, in essence, serves as trustee

37
Q

Deferred annuity contract [definition]

A

Te owner makes a lump-sum payment now but receives no income until a later date

38
Q

Delegatee [definition]

A

A person who receives an obligation under a contract from someone else

39
Q

Delegator [definition]

A

A person who gives his obligation under a contract to someone else

40
Q

Difference principle [definition]

A

Rawls’s suggestion that society should reward behavior that provides the most benefit to the community as a whole

41
Q

Disaffirm [definition]

A

To give notice of refusal to be bound by an agreement

42
Q

Dissociation [definition]

A

When a partner leaves a partnership

43
Q

Donee [definition]

A

A person who receives a gift of property

44
Q

Donee beneficiary [definition]

A

Wen the contracting party intended the benefit as a gift

45
Q

Due diligence [definition]

A

A reasonable investigation of a registration statement

46
Q

Electronic Communications Privacy Act of 1986

A

A federal statute prohibiting unauthorized interception of, access to, or disclosure of wire and electronic communications

47
Q

Exculpatory clause [definition]

A

A contract provision that attempts to release one party from liability in the event the other party is injured

48
Q

Express authority [definition]

A

Either by words or conduct, the principal grants an agent permission to act

49
Q

Express warranty [definition]

A

A guarantee, created by the words or actions of the seller, tat goods with meet certain standards

50
Q

Factual cause [definition]

A

The defendant’s breach led to the ultimate harm

51
Q

Fair use doctrine [definition]

A

Permits limited use of copyrighted material without permission of the author

Business Law (2 decks)

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