Business Law - Business Admin Core 1

Administrative Law

The body of rules, regulations, and orders formulated by a governmental body responsible for carrying out statute law.

Agency Relationship

When one party (the agent) acts on behalf of another party (the principal).

Arbitration

The procedure by which a dispute may be resolved by an impartial mediator who is not a judge. It is often used to limit legal cost to both parties.

Business Law

Involves issues relating to business organizations, business structures, and business transactions. Also included in this field are issues related to real estate, taxes, and the environment.

Business Ownership

How a business is legally set up. Sole proprietorship, partnership, and corporations are all ownership options.

Civil Law

Seeks to resolve non-criminal disagreements, such as arguments over the meaning of contracts, property ownership, divorce.

Contract

A written agreement between two or more parties that is enforceable by law.

Creditor

A party to whom money is owed

Customs

An agency responsible for collecting tariffs, monitoring travel, and regulating the flow of goods in and out of a country.

Debtor

One who owes debt to another individual or company.

Defendant

The person defending or denying; the party against whom relief or recovery is sought in an action or suit, or the accused in a criminal case.

Environmental Law

Body of rules, regulations, orders, and statutes intended to protect the environment and wildlife. Pollution is also a major concern.

Intellectual Property

A new and creative work or invention to which one person or company has rights for and may apply for legal protections for.

Judicial System

The system of courts that administer justice and constitute the judicial branch of government.

Law

A collection of rules imposed by a legal authority.

Legal Procedure

The rules by which a court hears and determines a case. The rules are designed to ensure a fair and consistent application of justice to all cases that come before a court.

Plaintiff

A person who brings a case against another in a court of law.

Procedural Law

Rules governing all aspects of how a court case is conducted. The purpose is to make certain that every case is treated justly and consistently. 

Supreme Court

The highest court of the United States. It is comprised of eight judges and one chief justice.

Tort

A wrongful act, whether intentional or unintentional, that results in injury to another party.