Business Law for Accountants

This set of flashcards covers key concepts and terms related to business law for accountants, focusing on ethical considerations, contracts, and corporate responsibility.

Equitable Remedies

Remedies in equity that include specific performance, injunction, and rescission.

Specific Performance

A court order to a party to fulfill the terms of a contract as agreed.

Triple Bottom Line

A framework that includes profit, communities, and the planet, emphasizing ethical considerations.

Business Ethics

The study of what constitutes right or wrong behavior in a business context.

IDDR

A decision-making process consisting of Inquiry, Discussion, Decision, and Review.

Dodd-Frank Wall Street Reform and Consumer Protection Act

Legislation that introduced significant changes to financial regulation following the 2008 financial crisis.

Sarbanes-Oxley Act (SOX)

A law requiring corporate executives to certify the accuracy of financial information.

Moral Minimum

The baseline level of ethical behavior expected from businesses, typically defined as obeying the law.

Stakeholders

Groups affected by corporate decision-making, including employees, customers, creditors, and suppliers.

Corporate Social Responsibility (CSR)

The idea that companies should act ethically and be accountable to society.

Trademark Dilution

The unauthorized use of a famous trademark that reduces its uniqueness, protected under the Federal Trademark Dilution Act.

Breach of Contract

A violation of the terms of a legally binding agreement.

Implied Contract

A contract formed by the behavior of the parties involved rather than written or spoken words.

Executed Contract

A contract that has been fully performed by both parties.

Unilateral Contract

A contract that is formed when an offer can be accepted only by the performance of an act.

Accord and Satisfaction

An agreement to settle a debt for less than the amount owed.

Liquidated Damages

A predetermined amount of money that must be paid as damages for a future breach of contract.

Fair Use Doctrine

Allows limited use of copyrighted material without compensation, under certain circumstances.

Revocation

The withdrawal of an offer by the offeror before it has been accepted.

Counteroffer

A response to an offer in which the terms are changed, effectively rejecting the original offer.

Covenant Not to Compete

A contractual agreement that restricts one party from competing with another for a specified time and within a certain geographical area.

Unconscionable Contract

A contract that is deemed void because one party was forced to accept terms that are excessively unfair.