Business Law Test

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Business

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270 Terms

1

acceptance

The second party's unqualified willingness to go along with the first party's proposal

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2

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

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3

actual authority

The real power a principal gives to an agent

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4

actual notice

A formal notice given directly to a party, usually using certified mail with a receipt

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5

adhesion contract

A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session

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6

administrative law

The body of rules created by government agencies

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7

adultery

When one spouse has sexual relations with someone outside of marriage

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8

affinity

Related by marriage

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9

agency

A type of working relationship in which one person represents another person in a business transaction with a third party

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10

agency by estoppel

When the principal's actions lead the third party to believe that the agent is working for the principal

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11

agent

The person who has been authorized to do the work

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12

agent's agent

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

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13

alimony

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

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14

alternative dispute resolution (ADR)

Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration, conciliation, and negotiation

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15

annual percentage rate (APR)

The true interest rate of a loan

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16

annulment

A declaration by the court that a marriage was never valid

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17

apparent authority

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

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18

appellate court

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

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19

arraignment

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

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20

arrest

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

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21

articles of incorporation

A legal document filed with the state to establish a corporation

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22

assault

Attempt to commit a battery

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23

asset acquisition

When one corporation agrees to purchase the assets, such as property, buildings, and equipment, of a second corporation

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24

assignment

The transfer of a right under contract

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25

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

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26

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

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27

bailment

The transfer of possession and control of personal property to another with the intent that the same property will be returned later

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28

bankruptcy

The legal process by which a debtor can make a fresh start through the sale of assets to pay off creditors

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29

battery

The unlawful touching of another person

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30

beneficiary

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

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31

bigamy

The illegal act of having two spouses at the same time

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32

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

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33

bill of sale

Formal evidence of ownership

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34

breach of contract

When one party to a contract fails to perform the duties spelled out by the contract

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35

burglary

Breaking and entering a house or other structure to commit a felony

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36

capacity

The legal ability to enter into a contract

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37

carrier

A business that transports persons, goods, or both

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38

certificate of incorporation

A corporation's official authorization to do business in a state

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39

Chapter 11 bankruptcy

A type of bankruptcy that allows businesses to reorganize their financial affairs and still remain in business

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40

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

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41

Chapter 13 bankruptcy

A form of bankruptcy that permits individual debtors to reorganize their debts and develop payment plans

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42

Chapter 7 bankruptcy

A type of bankruptcy that allows individual debtors to discharge all their debts and make a fresh start; ordinary bankruptcy

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43

collateral

The property that is offered as a security interest

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44

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

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45

Commerce Clause

A statement in Article I of the Constitution giving Congress the power to regulate commerce among the states

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46

common carrier

A carrier that is compensated for providing transportation to the general public

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47

common law

A set of laws made by the courts that provide a series of consistent rules that later courts must follow

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48

common-law marriage

An informal type of marriage created by the parties themselves

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49

comparative negligence

A defense against negligence which is raised when the carelessness of each party is compared to the carelessness of the other party

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50

compensation

Fair payment for the job performed

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51

conglomerate

A corporation that owns many different types of companies

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52

consanguinity

Related by blood

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53

consideration

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

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54

consolidation

When two or more companies join together to form a new corporation

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55

constitution

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

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56

Consumer Credit Protection Act

A federal law that requires creditors to inform consumers of the costs and terms of credit; Truth in Lending Act

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57

contract

Any agreement enforceable by law

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58

contributory negligence

A defense against negligence when the defendant can show the victim did something to help cause his or her own injuries

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59

copyright

A right granted to an author, composer, photographer, or artist to publish and sell an artistic or literary work

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60

corporate director

A person elected by shareholders to make broad policy decisions in the running of a corporation

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61

corporate officer

A person chosen by the directors to run the day-to-day affairs of a corporation

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62

corporation

An entity with a legal authority to act as a single person distinct from its owners

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63

counteroffer

A response to an offer in which the terms of the original offer are changed

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64

credit

An arrangement in which one may receive cash, goods, or services now and pay in the future

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65

creditor

The party who sells the goods on credit or lends the money

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66

crime

An offense committed against the public good, or society

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67

cyberblackmail

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

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68

cybercrime

Any criminal activity associated with a computer

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69

cyberdefamation

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

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70

cyberinvasion of privacy

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

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71

cyberlaw

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

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72

cyberpiracy

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

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73

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

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74

cybertort

The invasion, theft, falsification, misuse, or deletion of data stored in a computer

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75

cybertrespass

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

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76

cybervandalism

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

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77

damages

Payment recovered in court by a person who has suffered an injury

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78

debtor

The party who buys the goods on credit or borrows money

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79

deed

A written instrument that transfers title of ownership of property

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80

default

A failure in making timely payments on a loan

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81

defendant

A person who is accused of a crime

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82

delegation

Transferring of a duty under a contract

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83

derivative suit

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

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84

detention hearing

A court session during which the judge tries to learn whether there are good reasons to keep an accused juvenile in custody

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85

digital signature

An encoded message that appears at the end of a contract created online

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86

direct suit

A lawsuit a shareholder can bring against a corporation for denying his or her rights as a shareholder

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87

disaffirm

To show the intent not to live up to a contract

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88

discharge by agreement

The act of ending contracts by mutual agreement

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89

discrimination

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

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90

disparate impact

When an employer has an employment policy that appears neutral on its surface, but has an unfair impact on members of a protected class

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91

disparate treatment

When an employer intentionally discriminates against an individual or a group of individuals belonging to a protected class

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92

dissociation

When a partner is no longer associated with a firm

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93

dissolution

The breakup of a partnership or any legal entity

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94

divorce

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

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95

domain name

The Internet address of a business

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96

double representation

When an agent works simultaneously for two competing principals

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97

draft

An order to a third party to pay money

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98

drawee

The person to whom an order is given to pay money in a draft

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99

drawer

The person who orders money to be paid in a draft

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100

duress

The act of destroying somebody's free will by force, threat of force, or bodily harm

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