(Short new) Business Law FBLA

Acceptance

The second party's unqualified willingness to go along with the first party's proposal

Accord and Satisfaction

A legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment

Actual Authority

The real power a principal gives to an agent

Actual Notice

A formal notice given directly to a party, usually using certified mail with a receipt

Adhesion contract

A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session

Administrative Law

The body of rules created by government agencies

Agency

A type of working relationship in which one person represents another person in a business transaction with a third party

Agency by Estoppel

When the principal's actions lead the third party to believe that the agent is working for the principal (appointed but not officially)

Agent

The person who has been authorized to do the work

Alternative Dispute Resolution

Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration, conciliation, and negotiation

Annual Percentage Rate (APR)

The true interest rate of a loan

Apparent Authority

Authority that a 3rd party believes an agent has while acting on behalf of the principal

Appellate Court

The U.S. courts of appeals in federal system; hears appeals and reviews cases from the lower courts

Arraignment

A formal hearing during which the defendant is read the indictment or info and is asked to plead guilty or not guilty

Articles of Incorporation

A legal document filed with the state to establish a corporation

Arrest

Occurs when a person is legally deprived of his or her freedom

Assault

Attempt to commit a battery

Asset Acquisition

When one corporation agrees to purchase the assests, such as property, building, and equipment, of a second corporation

Assignment

The transfer of a right under contract

Assumption of Risk

A defense against negligence that is raised when the plaintiff knew of the risk and still took the chance of being injured

Bail

Money or other property that is left with the court to assure that a person who has been arrested, but released, will return to jail

Bailment

The transfer of possession and control of personal property to another with the intent that the same property will be returned later

Bankruptcy

The legal process by which a debtor can make a fresh start through the sale of assets to pay off creditors

Battery

The unlawful touching of another person

Bigamy

The illegal act of having two spouses at the same time

Bilateral Contract

A contract that contains two promises: one party promises to do something in exchange for other's promise to do something else

Bill of Sale

Formal evidence of ownership

Breach of Contract

When one party to a contract fails to perform the duties spelled out by the contract

Burglary

Breaking and entering a house or other structure to commit a felony

Capacity

The legal ability to enter into a contract

Carrier

A business that transports persons, goods, or both

Certificate of Incorporation

A corporation's official authorization to do business in a state

Chapter 11 Bankruptcy

A type of bankruptcy that allows businesses to reorganize their financial affairs and still remain in business

Chapter 12 bankruptcy

A form of bankruptcy that lets family farmers and fishing businesses create a plan for debt repayment that allows them to keep their operations running

Chapter 13 Bankruptcy

A form of bankruptcy that permits individual debtors to reorganize their debts and develop payment plans

Chapter 7 Bankruptcy

A type of bankruptcy that allows individual debtors to discharge all their debts and make a fresh start; ordinary bankruptcy

Collateral

The property that is offered as a security interest

Collective Bargaining

A process in which union and management representatives get together to work out issues such as wages, working conditions, and hiring and firing policies

Commerce Clause

A statement in Article 1 of Constitution giving Congress power to regulate commerce among states

Common Carrier

A carrier that is compensated for providing transportation to the general public

Common Law

A set of laws made by the courts that provide a series of consistent rules that later courts must follow. Originated in England

Comparative Negligence

A defense against negligence which is raised when the carelessness of each party is compared to the carelessness of the other party

Compensation

Fair payment for the job performed

Conglomerate

A corporation that owns many different types of companies

Consideration

The exchange of benefits and detriments by the parties to a contract

Consolidation

When 2+ companies join together to form a new corporation

Consumer Credit Protection Act

A federal law that requires creditors to inform consumers of the costs and terms of credit; Truth in Lending Act

Contract

Any agreement enforceable by law

Contributory Negligence

A defense against negligence when the defendant can show the victim did something to help cause his or her own injuries

Copyright

A right granted to an author, composer, photographer, or artist to publish and sell an artistic or literary work

Corporate Director

A person elected by shareholders to make broad policy decisions in the running of a corporation

Corporate Officer

A person chosen by the directors to run the day-to-day affairs of a corporation

Corporation

An entity with a legal authority to act as a single person distinct from its owners

Counteroffer

A response to an offer in which one may receive cash, goods, or services now and pay in the future

Creditor

The party who sells the goods on credit or lends the money

Crime

An offense committed against the public good, or society

Cyberdefamation

The communication via computer or other electronic device of false data that damages a person's reputation

Cyberspoofing

A crime in which a cybercriminal falsely adopts the identity of another computer user or creates a false identity on a computer web site in order to commit fraud

Cybertort

The invasion, theft, falsification , misuse, or deletion of data stored in a computer

Cybervandalism

Disrupting, damaging, or destroying a web site or computer network

Damages

Payment recovered in court by a person who has suffered an injury

Debtor

The party who buys the goods on credit or borrows money

Deed

A written instrument that transfers title of ownership of property

Default

A failure in making timely payments on a loan

Defendant

A person who is accused of a crime

Delegation

Transferring of a duty under a contract

Derivative Suit

A court session during which the judge tries to learn whether there are good reasons to keep an accused juvenile in custody

Digital Signature

An encoded message that appears at the end of a contract created online

Direct Suit

A lawsuit a shareholder can bring against a corporation for denying his or her rights as a shareholder

Disaffirm

To show the intent to not live up to a contract

Discharge by Agreement

The act of ending contract by mutual agreement

Disparate Impact

When an employer has an employment policy that appears neutral on its surface, but has an unfair impact on members of a protected class

Disparate Treatment

When an employer intentionally discriminates against an individual or a group of individuals belonging to a protected class

Dissociation

When a partner is no longer associated with a firm

Dissolution

The breakup of a partnership or any legal entity

Domain Name

The internet address of a business

Double Representation

When an agent works simultaneously for two competing principals

Draft

An order to a thrid party to pay money

Drawee

The person to whom an order is given to pay money in a draft

Drawer

The person who orders money to be paid in a draft

Duress

The act of destroying somebody's free will by force, threat of force, or bodily harm

Easement

An irrevocable right to the limited use of another's land

Electronic Fund Transfer

A computerized system for transferring funds electronically rather than by writing checks

Emancipation

Freeing someone from the control of another; especially a parent's relinquishing authority and control over a minor child

Eminent Domain

The right of the government to take private land for a public purpose

Employment-at-will

Based on the principle that each party should be free to end the employment relationship at any time without penalty

Equal Credit Opportunity Act

Makes it illegal for banks and businesses to discriminate against credit applicants on the basis of their gender, race, marital status, national origin, religion, age, or because they get public assistance income

Equal pay rule

A standard that states employers working in interstate commerce must pay women the same rate of pay as men holding the same type of job

Estate

The interest or right that a person has in real property

Ethics

The rules used to determine the difference between right and wrong

Eviction

Occurs when a landlord deprives a tenant of the possession of the premises

Executor/Executrix

The person named to carry out the terms of a will

Express Authority

Comes from the orders, commands, or instructions a principal explicitly gives an agent

Express Contract

A contract statement that may be oral or written

Express Warranty

An oral or written statement, promise, or other representation about the quality of a product

Expropriation

When a government seizes a privately owned business to be used for a public service

Fair Credit Billing Act

Requires creditors to correct biling errors brought to their attention

Fair Credit Reporting Act

A federal law that grants people the right to know what is contained in their credit reports

Fair Debt Collection Practices Act

Prohibits certain practices by debt collectors

Federal Energy Regulatory Commission

Part of the Department of Energy, this agency regulates electricity and natural gas