FBLA Business Law Lecture Notes

A complete set of vocabulary flashcards covering the FBLA Business Law event guidelines, competencies, and sample exam questions.

Employment at will

Employment relationship whereby the employee may be discharged at any time because no agreement was made about length of employment.

Wrongful discharge

Occurs when an employee is fired in retaliation for reporting violations of law by the company.

Whistleblower laws

Protects workers from job loss when they report violations of law by their company.

Assumption of risk

Occurs when a worker agrees to perform a dangerous job.

Limited partner

The partner whose potential liability is restricted to his or her investment in the partnership.

Partnership

The association of two or more to do business as co-owners for profit.

Bylaws

The rules for the internal organization and management of a corporation.

White-collar crimes

Business crimes that do not involve force or violence.

Cyber law

Law that is intended to govern the use of computers in e-commerce and the Internet.

Spamming

Involves sending bulk emails (that were not requested) to thousands of potential customers through the Internet.

Nominal consideration

Token consideration which bears no relation to the real value of the contract.

Forbearance

Refraining from doing what one has a right to do.

Disaffirmance

Giving back what you have received under a contract and requesting the return of what you gave.

Annulment

The voiding of a marital contract.

Prenuptial agreement

A legal contract resolving property and other claims that might result from a marriage.

Trust

A legal vehicle used to transfer the immediate control of property to another party.

Caveat emptor

A term meaning 'the buyer should be aware' when conducting business transactions.

Bait and switch

An improper business practice involving luring buyers to the store with an under-stocked, low-priced good and then redirecting them to a more expensive product.

Restitution

Permits a party to a contract to recover money or property (or the value of) given to the other party.

Unlawful purpose

A condition under which the court cannot enforce a contract between two parties.

Stare decisis

The doctrine requiring lower courts to adhere to existing case law in making decisions.

Tort

A private or civil wrong for which the law grants a remedy.

Court of record

A court in which an accurate, detailed report of what went on at trial is made.

Commercial paper

An unconditional written promise or order to pay money.

Maker

The person who executes a promissory note.

Certificate of deposit

A written instrument acknowledging a bank's receipt of money and promising to repay it at a definite future time.

Bailee

The party who accepts possession and control of another's personal property.

Eminent domain

Gives the government power to take private property for public use upon payment of the fair market price.

Deed

The legal document used to transfer ownership of real property.