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1.01 Business Law
Origins of Law
36
Business
11th Grade
05/28/2008

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Cards

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
Usury
Definition
Charging more than maximum legal interest rate.
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