BUSN323 Exam Two Study Guide: Immigration, Employment, Antitrust, and Contracts

A complete set of vocabulary flashcards covering key topics, doctrines, and legal terminology from the BUSN323 Exam Two study guide.

At-will employment

A legal standard governing the employer-employee relationship (applied in Virginia) where employment can be terminated by either party, subject to exceptions including express contracts, union agreements, or public policy exceptions.

Public policy exceptions

Exceptions to the at-will employment doctrine that prevent employers from firing employees for reasons such as refusing to violate a law or acting as a whistleblower.

Title VII

A key federal employment law statute addressing the rights, regulations, and protections that govern the employer-employee relationship.

Sherman Act

Federal antitrust legislation enacted in 1890 to regulate monopolies and prohibit agreements that restrain trade.

FTC

The Federal Trade Commission, a federal administrative agency responsible for trade regulation and enforcing antitrust laws.

Price-fixing

An anticompetitive agreement among competitors to set or manipulate prices, which is prohibited and heavily penalized under antitrust laws.

Territorial division of markets

An illegal anticompetitive arrangement under antitrust laws where competing businesses agree to divide geographic markets or sales territories.

Non-compete clause

A contractual provision in an employment agreement that restricts an employee's ability to compete against their employer after departure, scrutinized for enforceability based on time and geographic limits.

Reasonable in time or place (geography)

The legal standard applied by courts to determine whether a non-compete clause or contractual restraint on competition is fair enough to be legally enforced.

Monopoly

A market condition dominated by a single seller that poses economic risks and is regulated under federal antitrust legislation as well as Virginia's own antitrust laws.

Monopsony

A market structure characterized by a single buyer or employer, regulated under antitrust principles alongside monopolies.

RealPage lawsuit

An antitrust enforcement action addressing competitive harms and algorithmic market coordination resulting from the use of Yieldstar software.

Yieldstar software

The revenue-management software program challenged in the RealPage lawsuit for creating anticompetitive market problems.

Material terms

The essential, fundamental provisions of an agreement required to make a contract legally definite and enforceable.

Mirror image rule

The contract law doctrine requiring an acceptance to match the exact terms of the offer without modification in order to form a binding contract.

Counteroffer

A response to an initial offer that proposes revised terms, which legally acts as a rejection and terminates the original offer.

Rejection

An offeree's express refusal of an offer, which immediately extinguishes the offer and prevents later acceptance.

Objective evidence

External, demonstrable words and conduct that a court reviews to determine contractual intent and enforceability, rather than relying on subjective, unexpressed intentions.

Consideration

The bargained-for exchange of legal value (such as mutual promises) required to create a legally enforceable contract, which cannot consist of past conduct or a pre-existing duty.

Promissory estoppel

An equitable doctrine that prevents a promisor from reneging on a promise when the other party reasonably incurs time, effort, or money relying on that promise in pursuit of an agreement.

Accord and Satisfaction by instrument

A specific method of settling a disputed obligation using a negotiable instrument (such as a check), governed by distinct rules regarding whether it is permitted under Virginia law.

Void contract

An agreement that has no legal standing from its formation and cannot be enforced by any court (such as a contract to commit an illegal act).

Voidable contract

A valid contract that allows one party, such as a minor or an incapacitated person, the legal power to disaffirm or affirm their obligations.

Minor

A person under the legal age of majority (under 18 in Virginia and most states) who generally holds the right to disaffirm signed contracts.

Doctrine of necessities

A contract principle establishing that minors remain legally responsible for the value of necessary living goods or services received under a contract.

Tortious interference with contract

A legal wrong committed when a party intentionally causes a contracting party to breach their agreement, making promises that induce such interference unenforceable.

Exculpatory clause

A contract term designed to relieve a party from liability for negligence, which courts typically refuse to enforce for gross negligence or intentional misconduct.

Pre-injury waiver

A contractual provision where an individual agrees to waive legal claims before any injury occurs, treated distinctly from an indemnification clause by courts.

Indemnification clause

A risk-allocation contract provision requiring one party to compensate or defend another party for certain liabilities, enforced differently from a pre-injury waiver.

Severability clause

A boilerplate contract clause ensuring that if any single provision is found illegal or unenforceable, the remainder of the contract remains in effect.

Mistake

An unintended error regarding essential facts during contract formation that may allow the contract to be reformed or avoided, as distinguished from a mere error in judgment.

Caveat emptor

The legal principle meaning 'let the buyer beware,' assigning responsibility to the buyer to examine and verify the condition of an acquisition.

Executory contract

A contract where required performances remain incomplete, such as when property damage is hidden after contract signing but before payment and transfer occur.

Fraudulent misrepresentation

A false statement or concealment of a material fact that improperly induces an individual into entering a contract or performing under an executory contract.

Duress

Unlawful coercion or pressure depriving a party of free will, which prevents valid mutual assent during contract formation.

EXTRA CREDIT: Force Majure

Unforeseeable circumstances that prevent both parties from fufilling a contract

EXTRA CREDIT: Relationship Clause

Written statement declaring the relationship between parties involved (i.e, independent contracts, partners, join ventures)

Notice Clause

Formally specifies where parties must send official communications, fixes exact date and time a notice is considered received

Integration/Merger Clause

Part of contract that states the written document is the complete final expression of the agreement between parties. Puts all discussions, negotiations, emails, into final written text. Prevents either party claiming there were extra promises not included in the paper.

Part of a contract that states the written document is the complete final expression of the agreement between parties. Puts all discussions, negotiations, emails, into final written text. This prevents either party claiming there were extra promises not included in the paper