New FBLA Business 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

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's agent

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

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

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

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

battery

The unlawful touching of another person

beneficiary

The person named in an insurance policy to receive the proceeds of the policy

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 the other's promise to do something else

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

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 I of the Constitution giving Congress the power to regulate commerce among the 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

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

consanguinity

Related by blood

consideration

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

constitution

A country's formal document that spells out the principles by which its government operates

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

credit

An arrangement 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

cyberblackmail

The use of information unlawfully obtained by computer to pressure a victim into granting a payoff to the blackmailer

cybercrime

Any criminal activity associated with a computer

cyberdefamation

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

cyberinvasion of privacy

An unwelcome intrusion into the private matters of an individual carried out or sustained by a computer

cyberlaw

The area of law that concerns computer and computer-related crimes

cyberpiracy

A crime that involves using a computer to steal computer data stored in a digital formal

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

cybertrespass

Any illegal activity already in the criminal code committed by using a computer

cybervandalism

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

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 lawsuit a shareholder can bring on behalf of the corporation to correct an injury to the corporation

detention hearing

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 not to live up to a contract

discharge by agreement

The act of ending contracts by mutual agreement

discrimination

The unequal treatment of individuals based on sex, age, race, nationality, or religion

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

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

emancipation

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

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

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

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

Federal Energy Regulatory Commission (FERC)

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

felony

A major crime

fiduciary relationship

A relationship based on trust

finance charge

The cost of the loan in dollars and cents

firm offer

A merchant's written promise to hold an offer open for the sale or lease of goods

fixtures

Items of personal property attached in such a way that they become real property

forbearance

The act of not doing what you have the right to do