DECA Business Law & Ethics Team Decision Making Flashcards

These flashcards cover essential vocabulary and concepts in the field of Business Law and Ethics for the DECA exam preparation.

Regulatory Compliance

Actively following all applicable laws and regulations.

Contract Disputes

Disagreements over terms, performance, or breach of agreements.

Intellectual Property (IP)

Creations of the mind that have legal protection.

Ethical Business Practices

Actions that align with moral principles and honor customer trust.

Business Ownership Types

Structures such as Sole Proprietorship, Partnership, Corporation, LLC, Nonprofit.

Civil Law vs. Criminal Law

Distinction in legal contexts where civil law deals with disputes between entities and criminal law involves actions considered harmful to society.

Compliance Program

An internal system to ensure adherence to laws and regulations.

Debtor-Creditor Relationship

Legal dynamics defining obligations and rights of borrowers and lenders.

Agency Relationship

A legal relationship where one party (the agent) is authorized to act on behalf of another (the principal).

Environmental Law

Regulations governing how businesses interact with the natural environment.

Fair Debt Collection Practices Act (FDCPA)

Legislation protecting consumers from abusive collection practices.

Judicial System

The system of courts that administer justice by interpreting and applying the law.

Duty of Care

Legal obligation to ensure the safety and well-being of others.

Business Ethics

Moral principles that guide the way a business behaves.

Tort Law

The area of law that addresses civil wrongs and damages.

Administrative Law

The body of law that governs the activities of administrative agencies of government.

Fiduciary Duty

The obligation to act in the best interest of another party.

Executive Orders

Directives issued by the president or governors.