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Definition
| the branch of government chosen to oversee the legal system through a system of courts |
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| the rules, statutes, codes, and regulations that provide a legal framework for the conduct of business and that are enforceable by court action |
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| state and federal constitutions, legislative enactments, treaties of the federal government, and ordinances-in short, written law |
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| the body of law that comes from decisions handed down by courts, unwritten law |
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| decisions judges have made in earlier cases that guide the handling of new cases |
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| the federal or state institutions and and other government organizations created by congress or state legislatures with delegated power to create rules and regulations within their given area of authority |
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| a wrongful act that causes injury to another person's body, property, or reputation |
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| in tort law, behavior that causes unintentional harm or injury |
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| part of tort law that holds businesses liable for harm that results from the production, design, or use of products they market |
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| legal responsibility for harm or injury caused by a product regardless of fault |
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| a document that gives inventors exclusive rights to their inventions for twenty years |
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| a document that protects a creator's rights to materials such as books, articles, photos paintings, and cartoons |
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| Uniform Commercial Code (UCC) |
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| a comprehensive commercial law that covers sales laws and other commercial laws |
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Definition
| specific representations by the seller that buyers rely on regarding the goods they purchase |
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| guarantees legally implied on the seller |
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| forms of commercial paper (such as checks) that are transferable among businesses and individuals and represent a promise to pay a specified amount |
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| a legally enforceable agreement between two or more parties |
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| set of laws that specify what constitutes a legally enforceable agreement |
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| something of value; consideration is one of the requirements of a legal transaction |
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| when one party fails to follow the terms of a contract |
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| the monetary settlement awarded to a person who is injured by a breach of contract |
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| a social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers |
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| how the government (federal, state, and local) raises money |
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Definition
| the legal process by which a person, business, or government entity unable to meet financial obligations is relieved of those obligations by a court that divides any assets among creditors, allowing creditors to get at least part of their money and freeing the debtor to begin anew |
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Definition
| legal procedures initiated by a debtor |
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| bankruptcy precedures filed by a debtor's creditors |
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Definition
| government withdrawal of certain laws and regulations that seem to hinder competition |
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