Introduction to Business Law: Theory of Rights

These flashcards cover key terminology and concepts related to business law, specifically focusing on the theory of legal rights.

Legal Rights

Entitlements that individuals possess under the law.

Familial Rights

Rights conferred upon individuals because of their family membership, including obligations towards other family members.

Pecuniary Rights

Rights that can be evaluated in monetary terms, including rights that are transferable and waivable.

Personal Rights (Rights in Personam)

Rights that establish a relationship between a debtor and a creditor, obligating the debtor to act in a certain way.

Obligation to Give Something

A legal duty requiring one party to provide a specific item or service to another party.

Obligation to Do Something

A requirement for a debtor to perform a specific action or service as per an agreement.

Obligation to Abstain from Doing Something

A requirement for a debtor to refrain from certain actions, often specified in contracts.

Inalienable Rights

Rights that cannot be taken away, sold, or transferred to another.

Non-compete Obligation

A contractual obligation preventing a person from competing with another party in specified business activities.

Reciprocal Nature of Rights

The concept that certain rights entail corresponding obligations on the part of others.