Shared Flashcard Set

Details

Business Law Final
Vocab
47
Business
12th Grade
06/06/2008

Additional Business Flashcards

 


 

Cards

Term
Procedural Law
Definition
group of laws that define the methods for enforcing legal rights and duties
Term
Civil Rights
Definition
personal, human rights recognized and guaranteed by the U.S. Constitution
Term
Procedural Defenses
Definition
defense based on problems with the way evidence is obtained or the way the accused person is arrested, questioned, tried, or punished
Term
Strict Liability
Definition
holding a defendant liable without a showing of negligence
Term
Rescission
Definition
backing out of the transaction by asking for the return of what you gave and offering to give back what you received
Term
Restitution
Definition
restoring or making good a loss; repayment of money illegally obtained
Term
Substitution
Definition
parties’ replacement of their original contract with a new contract
Term
Breach of Contract
Definition
failure to provide complete performance of contractual obligations
Term
Copyright
Definition
protects the expression of a creative work, such as the work of an artist, author, or composer
Term
Liquidated Damages
Definition
damages agreed upon before a possible breach of contract
Term
Lost Property
Definition
property that the owner unknowingly leaves somewhere or accidentally drops
Term
Bailment
Definition
transfer of possession of personal property without transfer of ownership
Term
Conditional Estate
Definition
estate where continued ownership is dependent upon some act or event
Term
Lien
Definition
legal right in another’s property as security for the performance of an obligation such as the repayment of a loan
Term
Statutes
Definition
laws enacted by state or federal legislatures
Term
Substantive Law
Definition
group of laws that define rights and duties
Term
Felony
Definition
crime punishable by more than one year in jail, a fine more than $1,000 or both
Term
Conversion
Definition
using the property in a manner inconsistent with the owner’s rights
Term
Contract
Definition
agreement between two parties that creates and obligation
Term
Cease & Desist Order
Definition
governmental order requiring that certain improper conduct be stopped
Term
Performance
Definition
fulfillment of contractual promises as agreed
Term
Anticipatory Breach
Definition
notification, before the scheduled time of performance, of refusal to perform contractual terms as agreed
Term
Trademark
Definition
unique word, mark, symbol, or device that identifies a product of a particular manufacturer or merchant
Term
Punitive Damages
Definition
money a court requires a defendant to pay in order to punish and make and example of the defendant
Term
Good Faith Purchaser
Definition
innocent third party to a fraudulent transfer of goods who gives value to the goods and acquires rights in them
Term
Co-Ownership
Definition
ownership existing when two or more persons have the same ownership rights in the same property
Term
Conveyance
Definition
transfer of an estate from a grantor to a grantee by a deed
Term
Adverse Possession
Definition
occurs when someone adversely and exclusively possesses, in an open and notorious way, the land of another private person; possession is continuous and the statutory period
Term
Compensatory Damages
Definition
amount of money awarded to compensate for a plaintiff’s loss
Term
Ordinance
Definition
legislation enacted by a town, city, or county board or commission
Term
Due Process of Law
Definition
constitutional requirement for fundamental fairness in our legal and court system
Term
Misdemeanor
Definition
crime punishable by up to one year in jail, a fine of less that $1,000 or both
Term
Tort
Definition
private of civil wrong for which the law grants a remedy
Term
Negligence
Definition
most common tort based on carelessness
Term
Statute of Limitations
Definition
state laws setting time limit for bringing law suits
Term
Bait & Switch
Definition
improper business practice involving luring buyers to the store with an under stocked, low-prices good and then redirection them to a more expensive product
Term
Substantial Performance
Definition
performance of all but a minor contractual duty
Term
Remedy
Definition
action or procedure followed to enforce a right or to compensate for an injury
Term
Mislaid Property
Definition
property that is intentionally placed somewhere but then forgotten
Term
Tenancy in Common
Definition
form of co-ownership in which the shares may be unequal and there is no right of survivorship
Term
Fee Simple Absolute
Definition
greatest possible bundle of ownership rights in, and powers over, an estate
Term
Eminent Domain
Definition
power of the government to take private property for public use in exchange for the fair market price
Term
Easement
Definition
irrevocable right to the limited use of another’s land
Term
common law
Definition
law based on current standards or customs of the people
Term
procedural law
Definition

group of laws that define the methods for enforcing legal rights and duties

Term

civil rights

Definition
personal, human rights recognized and guarenteed by the US Constitution
Term
procedural defenses
Definition
defense based on problems with the way evidence is obtained or the way the accused person is arrested, questioned, tried, or punished
Supporting users have an ad free experience!