Details Title: 1.01 Business Law Description: Origins of Law Total Flash Cards: 36 Created: 05/28/2008 08:07:17		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Business Flashcards
Cards in this set: Term ADMINISTRATIVE LAW Definition Rules and prcedures established by regulatory agencies. Term Allegiance Definition Loyalty to one's country Term Civil disobedience Definition An open peaceful violation of a law to protest its alleged injustice Term Commercial Law Definition Concerned with business transactions and the operation of business establishments Term common law Definition Unwritten law that evolves from the customs and traditions of society Term constitution Definition A document which spells out the principles by which a government runs and the fundamental laws that govern a society Term Expatriation Definition The act of abandoning one's country and giving up citizenship Term International law Definition Concerned with the conduct of nations in their relations with each other Term Aliens Definition People who are living in this country but owe allegiance to another Term Benefit Definition Something a party was not previouslyentitled to. Term Bilateral Mistake Definition Mistake by two parties Term Capacity Definition legal ability to enter into a contract Term Consideration Definition exchange of things of value Term Counteroffer Definition changing terms of initial offer Term Detriment Definition any loss suffered Term Duress Definition overcoming a person's will by force Term economic duress Definition threats to a person's business Term forbearance Definition not doing something that you have a legal right to do. Term fraud Definition deliberate deception to secure an unfair gain. Term Genuine agreement Definition valid offer met by valid acceptance Term gratuitous Definition free agreements Term interest Definition fee owed to borrower Term legality Definition contract must not violate statutes Term license Definition legal document giving permission to do something. Term Minor Definition not reached legal age of capacity Term Mirror Image Rule Definition acceptance must not change terms of offer Term Misrepresentation Definition untrue statement of facts Term offer Definition proposal of one party to another Term Promissory Estoppel Definition A promise enforceable without consideration Term Ratify Definition to approve Term Rejection Definition Refusal of offer Term Rescind Definition cancel Term Restrictive Covenant Definition a promise not to compete. Term Revocation Definition taking back offer Term Definition Term Usury Definition Charging more than maximum legal interest rate.