fbla nbusiness law

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

adultery

When one spouse has sexual relations with someone outside of marriage

affinity

Related by marriage

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

agent

The person who has been authorized to do the work

agent's agent

An agent who is appointed by another agent without the principal's authority to do so

alimony

An allowance for support paid to one person by the former spouse in a divorce

alternative dispute resolution (ADR)

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

annulment

A declaration by the court that a marriage was never valid

apparent authority

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

appellate court

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

arraignment

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

arrest

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

articles of incorporation

A legal document filed with the state to establish a corporation

assault

Attempt to commit a battery

asset acquisition

When one corporation agrees to purchase the assets, such as property, buildings, 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 trial

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

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

divorce

A declaration by the court that a valid marriage has come to an end; sometimes called dissolution of marriage

domain name

The Internet address of a business

double representation

When an agent works simultaneously for two competing principals

draft

An order to a third 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

e-commerce (electronic commerce)

The process of conducting business using electronic means, especially the Internet

electronic fund transfer (EFT)

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

Environmental Protection Agency (EPA)

The federal agency responsible for protecting the environment

Equal Credit Opportunity Act (ECOA)

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 that 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 (executor—male; executrix—female)

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 billing 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 (FDCPA)

Prohibits certain practices by debt collectors

felony

A major crime

corporate identity

A person who has not yet reached the age of adulthood

mirror image rule

The terms stated in the acceptance must exactly mirror or match the terms of the offer

misdemeanor

A less-serious crime

monopoly

A business situation in which one person, company, or group of companies controls the market for a product or service

morality

The values that govern a group's ideas about right and wrong

murder

The intentional killing of another person

mutual benefit bailment

A bailment in which both the bailor and bailee receive benefits

negligence

A tort that results when one person carelessly injures another

negotiable instrument

A written document giving legal rights that may be passed to others by endorsement or delivery; commercial paper

negotiation

The transfer of an agreement in such a way that the transferee becomes a holder

no-fault divorce

A divorce granted without either party having to prove the other party guilty of misconduct

nondelegable duty

A duty that cannot be delegated, or transferred, to another party

note

A written promise to pay money; promissory note

notice by publication

Notice usually given by publishing a notice in a local newspaper

Nuclear Regulatory Commission (NRC)

Part of the Department of Energy, this agency regulates nuclear energy

Occupational Safety and Health Administration (OSHA)

The federal government agency that regulates health and safety standards for companies in the United States

offer

A proposal by one party to another intended to create a legally binding agreement

partnership

An association of two or more persons to carry on as co-owners of a business for profit

patent

A grant giving an inventor the exclusive right to make, use, or sell an invention for a period set by Congress

payee

The person to whom the promise is made in a note

pension plan

A program established by an employer or a union to provide income to employees after they retire

personal property

Everything, other than real property, that can be owned

plaintiff

The party that accuses a person of a crime

polygamy

The illegal act of having more than two spouses at the same time

power of attorney

Any writing granting someone authority to act as an agent

premium

The amount of money an insured pays for insurance coverage

prenuptial agreement

A written and signed legal contract couples make before getting married dealing with property and support issues

principal

The person who authorizes someone to represent his or her interests

probate

The process of validating and executing a will

promissory estoppel

The principle that a promise made without consideration may nonetheless be enforced to prevent injustice

prosecutor

The government official who brings the case against the defendant

prospectus

A document that contains a detailed explanation of the stock offering for potential investors

proximate cause

When the link between negligent conduct and injury is strong enough to be recognized by the law

public policy

A legal principle that holds that nobody should be allowed to do something that harms the public

punitive damages

Money payments for damages that go beyond what the innocent party actually lost and that are designed to punish the wrongdoer

ratification

The act of agreeing to go along with a contract that could have been avoided

real property

The ground and everything permanently attached to it

registration statement

A general description of the securities and of the company making the offer

reimbursement

Payment for money spent by an agent on behalf of a principal

rejection

A refusal of an offer by the offeree that brings the offer to an end