Business Law Final Exam

Civil Law

Group of laws that defines and sets punishments for offenses against society.

Common Law

Law based on current standards or customs of the people.

Constitution

Document that sets forth the framework of the government and its relationship to the people it governs.

Criminal Law

Group of laws that defines and sets punishments for offenses against society.

Ordinance

Legislation enacted by a town, city, or county board or commission.

Positive Law

Law based on the dictates of a central political authority.

Stare Decisis

Doctrine that requires lower courts to follow existing case law in deciding similar cases.

Statute

Law enacted by state or federal legislatures.

Amendment

Change or alteration.

Articles of Confederation

Loose form of charter for common government adopted by the thirteen colonies prior to adoption of the Constitution.

Bill of Rights

First 10 amendments to the U.S. Constitution.

Civil Rights

Personal, human rights recognized and guaranteed by the U.S. Constitution.

Cyberlaw

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

Democracy

Governmental system in which citizens vote directly to decide issues.

Republic

Governmental system in which citizens elect representatives to decide issues.

System of checks and balances

Division and allocation of the powers of government between its various branches.

U.S. Constitution

Document that consists of seven articles that provide a workable framework for our federal government.

Appellate Court

Reviews decisions of lower courts to determine if a significant error of law was made during trial.

Arbitrator

Independent third party who develops a binding and enforceable resolution to a dispute.

Juvenile Courts

Courts where the juvenile is entitled to his or her constitutional rights, including the right to be represented by an attorney.

Litigate

To place a dispute before a court of law for resolution.

Municipal Court

City court, usually divided into traffic and criminal divisions.

Original Jurisdiction

Power to hear the case in full for the first time.

Special Jurisdiction

Court that hears only one specific type of case.

Transcript

Verbatim record of what went on at trial.

Contempt of Court

Action that hinders the administration of justice in court.

Crime

Punishable offense against society.

Felony

Crime punishable by more than one year in jail, a fine of more than $1,000, or both.

Immunity

Freedom from prosecution for a crime.

Misdemeanor

Crime punishable by up to one year in jail, a fine of less than $1,000, or both.

Plea Bargaining

Agreement with prosecutor allowing defendant to plead guilty to a lesser crime than the more serious one.

Punishment

Penalty provided by law and imposed by a court.

Self-defense

Use of force that appears reasonably necessary for the self-protection of an intended victim.

Assault

Intentional threat to physically or offensively injure another.

Battery

Harmful or offensive touching.

Compensatory Damages

Monetary award by the court to a person who has suffered loss or injury because of the act or omission of another.

Damages

Monetary award to compensate for the loss caused by a tort.

Defamation

False statement that injures one's reputation.

Evidence

Materials presented to prove or disprove alleged facts.

False Imprisonment

Depriving a person of freedom of movement without consent and without privilege.

Judgement

Final result of a trial.

Negligence

Most common tort based on carelessness.

Subpoena

Written court order compelling a person to appear and testify.

Witness

Individual with personal knowledge of important facts.

Acceptance

In contracts, occurs when a party to whom an offer has been made agrees to the proposal; in commercial paper, drawee's promise to pay the draft when due.

Counteroffer

Offeree's response to an offer which modifies it.

Mirror Image Rule

Requires that the terms in the acceptance must exactly match the terms contained in the offer.

Revocation

Withdrawing an offer before it is accepted.

Duress

Occurs when one party uses an improper threat or act to obtain an expression of agreement.

Fraudulent Misrepresentation

Party to a contract knows that a statement he or she made is untrue.

Genuine Assent

Agreement to enter into a contract that is evidenced by words or conduct between the parties.

Punitive Damages

Money a court requires a defendant to pay in order to punish a person who inflicted an injury.

Ratification

Acting toward the contract as though one intends to be bound by it; principal's assent to unauthorized acts of an agent.

Rescission

Backing out of the transaction by asking for the return of what you gave and offering to give back what you received.

Undue Influence

Occurs when one party to a contract is in a position of trust and wrongfully dominates the other party.

Void

Without legal effect.

Voidable

A contract without genuine assent.

Consideration

What a person demands and generally must receive in order to make his or legally binding.

Forbearance

Refraining from doing what one has a right to do.

Gift

Voluntary transfer of ownership without consideration.

Legal Value

Change in the legal position of a party as a result of a contract.

Nominal Consideration

Token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely.

Past Consideration

Act that has already been performed cannot be in consideration for a promise in the present.

Promissory Estoppel

Enforcement of a promise or action in exchange for the promise or action of another.

Requirements Contract

Seller agrees to supply all of the needs of a particular buyer.

Statute of Limitations

State laws setting a time limit for bringing a lawsuit.

Ethics

Deciding what is right or wrong action in a reasoned, impartial manner.

*Annulment

Legal procedure within secular and religious legal systems for declaring a marriage null and void.

*Divorce

A decree by a court that a valid marriage no longer exists.

*Necessities

Goods and services essential to a person's life.