Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Business Law > Glossary > Flashcards

Glossary Flashcards

Glossary of legal terms

You may prefer our related Brainscape-certified flashcards:
MPRE flashcards MBE flashcards Civil Procedure 1L flashcards
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)

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Adopt [definition]

A

agree to be bound by the terms of a contract

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

After-acquired property [definition]

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Agent [definition]

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Arbitration [definition]

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Assignee [definition]

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Assignment [definition]

A

A transfer of contract rights to a third party

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Assignor [definition]

A

The person making an assigment

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Attorney-in-fact [definition]

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Beneficiary [definition]

A

Someone who receives the financial proceeds of a trust

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Bilateral contract [definition]

A

A contract where both parties make a promise

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Blue sky laws [definition]

A

State statutes regulating securities

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

C corporation [definition]

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

Categorical imperative [definition]

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

Choice of forum [definition]

A

Determines the state in which any litigation would take place

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Clean opinion [definition]

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
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)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions