Essentials of business Law - Chapters 1-13

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  1. Executive Orders
    A legally binding directive issued by the president (with the intent to change the manner in which federal agencies and officials operate so as to improve the practices of the federal government.)
  2. Stare decisis
    Meaning "To stand on decided cases." is the practice of relying on previous decision in which similar disputes arose.
  3. Common Law
    The body of recorded decisions that courts refer to and rely upon when making later legal decisions.
  4. Precedent
    A model case that a court can follow when facing a similar situation.
  5. Case law
    The effects of court decisions that involve the same or similar facts.
  6. Statutory law
    The field of law involving statues, which are laws passed by Congress or by state legislatures.
  7. ordinance
    A law that is passed by a local government, such as a city council.
  8. Administrative law
    The body of rules, regulations, and decisions created by administrative agencies.
  9. Uniform Commercial Code (UCC)
    A set of laws that govern various commercial transactions and that are designed to bring uniformity to the laws of the states
  10. Moral law
    The "law" concerned with the unenforceable obligations that people have to one another.
  11. Jurisdiction
    The authority of a court, as granted by a constitution or legislative act, to hear and decide cases.

    Ex: Family Courts, traffic courts and tax courts
  12. Sarbanes-Oxley
    A federal statute that placed an onus on upper management to monitor closely the financial dealings and disclosures of their firms and that established a board to oversee accounting practices in the United States.
  13. Ethics
    The philosophical study of what is right and wrong, good and bad.
  14. Morals
    Beliefs about behavior as judged by society.
  15. Values
    Beliefs or standards considered worthwhile, and from which a society derives its moral rules.
  16. Culture
    The set of shared attitudes, values, goals, and practices that characterize a social, racial, religious, or corporate group.
  17. Subculture
    An ethnic, economic, regional, religious, or social group with attitudes or behaviors that distinguish it from others within a larger culture.
  18. Code of ethics
    A set of rules that a company or other group adopts to express principles of ethical behavior that are expected of its personnel.
  19. Stakeholders
    People or groups who may be affected by a firm's actions or decisions.
  20. Whistleblower
    An employee who discloses to the government, media, or upper management that the company is involved in wrongful or illegal activities.
  21. Administrative agency
    A governmental body responsible for the control and supervision of a particular activity or area of public interest.
  22. Legislative branch
    The branch of a government body that consists of elected representatives who have the responsibility for passing laws that represent the will of the people.
  23. Executive branch
    The branch of a government body that consists of an elected executive, including his or her appointed staff.
  24. Judicial branch
    The branch of a government body that determines if there have been violations of the law and interprets the law if there are questions about what the law means in particular situations.
  25. Subpoena
    An order requiring the recipient to appear at a legal proceeding to provide testimony.
  26. Administrative hearing
    A trial-like judicial proceeding, without a jury, in which an administrative agency rules on matters of the law that the agency is charged with enforcing.
  27. Request for proposal
    A request for an offer or an invitation to negotiate that can be accepted or rejected by the person calling for a bid.
  28. Invitation to trade
    • An announcement published for the purpose of creating interest and attracting a response by many people.
    • It is not considered a valid offer because it does not contain sufficient words of commitment to sell.
  29. Public offer
    A general offer to the public at large.
  30. Mailbox rule
    A rule that states that an acceptance sent via the postal system or by courier is effective when sent.
  31. Counteroffer
    A response to an offer in which the terms and conditions of the original offer are changed.
  32. Termination by lapse of time
    When an opportunity to form a contract ends because the offeree fails to accept an offer within the time specified.
  33. Revocation
    The calling back of an offer by the offeror before the offer has been accepted or rejected.
  34. Rejection
    The express or implied refusal by an oferee to accept an offer.
  35. Option contract
    A contract that has a provision to keep an offer open for a certain period of time.
  36. Fraud
    The intentional misstatement or nondisclosure of a material (essential) fact made by one party in an attempt to influence the actions of another party.
  37. Puffing
    A general expression of opinion, typically in a sales context, that is used to persuade a prospective purchaser to buy.  It does not constitute a misrepresentation of material text.
  38. Misrepresentation
    A misstatement or nondisclosure of a material fact that results in inducing another to enter into an agreement to his or her loss.
  39. Mistake
    A belief that is not in accord with the facts.
  40. Undue influence
    The improper use of excessive pressure by the dominant member of a confidential relationship to convince the weaker party to enter a contract that greatly benefits the dominant party.
  41. Duress
    The act of applying unlawful or improper pressure or influence to a person to gain his or her agreement to a contract.
  42. Contract adhesion
    A contract drawn by one party that must be accepted as is on a take-it-or-leave-it basis.
  43. Unconscionable contract
    A contract that is so one-sided that it is oppressive and gives unfair advantage to one of the parties.
  44. Forbearance
    The promise to refrain from doing something that a party has a legal right to do.
  45. Promisor
    In the making of a contract, the party who makes a promise.
  46. Promisee
    In the making of a contract, the party to whom a promise is made.
  47. Pledge
    A promise to donate money to a church, temple, mosque, hospital, college, cultural institution, or other charitable organization.
  48. General release
    Statutes that permit a person who has a claim against another to give up, or release, his or her claim without an exchange of consideration by making a written statement to that effect.
  49. Barren promise
    A promise to pay an existing debt or to obey the law, or a similar promise of something already owed.
  50. Preexisting duty
    An obligation that a party is already bound to by law or by some other agreement.  The party may not use this as consideration in a new contract.
  51. Gratuitous promise
    A promise that does not require some benefit in return.
  52. Illusory promise
    One that consists of an indefinite, open-ended statement purporting to be an agreement
  53. Moral consideration
    Something that a person is not legally bound to do but that he or she may feel bound to do because of love, friendship, honor, sympathy, conscience, or other reason.
  54. Past consideration
    A promise to repay someone for a benefit after it has been received.
  55. Competent party
    A person of legal age and at least normal mentality who is considered by law to be capable of understanding the meaning of a contract and is permitted to enter into a valid contract.
  56. Contractual capacity
    The ability to make a valid contract.
  57. Minor
    A person who has not yet reached the age of majority.
  58. Age of majority
    The age at which a person is legally recognized as an adult and is bound by the terms of his or her contract.
  59. Coming of age rule
    In common law, the view that a person's legal birthday is 12:01 a.m. of the day before his or her actual birthday.
  60. Birthday rule
    The modern view that a person attains a given age on the anniversary date of his or her birth.
  61. Disaffirmance
    In contract law, to indicate by a statement or act an intent not to live up to the terms of a contract.
  62. Necessaries
    Goods and services that are essential to a minor's health and welfare.
  63. Ratified
    An approval of a contract made by a minor after reaching majority.
  64. Emancipation
    In contract law, the condition that exists when minors are no longer under the control of their parents and are responsible for their contracts.
  65. Abandonment
    In contract law, the condition that exists when a minor has left home and given up all rights to parental support.
  66. Incompetent
    Being unable to make binding contracts due to having an unsound mind and being unable to safeguard one's own interests and affairs.
  67. Parol evidence rule
    The rule that any spoken or written words in conflict with what the written contract states cannot be introduced as evidence in a court of law.
  68. Statute of Frauds
    A law requiring certain contracts to be in writing to be enforceable.
  69. Executor
    A personal representative named in a will to handle matters involving the estate of a deceased person.
  70. Administrator
    A personal representative named by the court to perform as the executor would in instances in which the deceased person has not left a will.
  71. Guaranty
    A promise to pay the debts or settle the wrongdoings of another if he or she does not make settlement personally.
  72. Antenuptial or prenuptial agreement
    An exchange of promises made by a persons planning to marry.
  73. Auction sale
    A sale in which goods are sold to the highest bidder.
  74. Memorandum
    A written contract or agreement.
Card Set:
Essentials of business Law - Chapters 1-13
2014-06-02 17:52:05
business law compilation

All the required chapters we've covered up to date (excluding chapters 3-5, 7)
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