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  1. the simplest form of business organization, in which the owner is the business.
    Sole Proprietorship
  2. any arrangement in which the owner of a trademark, trade name, or copyright licenses another to use that trademark, trade name, or copyright in the selling of goods and services
  3. one receiving a license to use another's (the franchisor's) trademark, trade name, or copyright in the sale of goods or services
  4. one licensing another (the franchisee) to use the owner's trademark, trade name, or copyright in the selling of goods or services
  5. an agreement by two or more persons to carry on, as co-workers, a business for profit
  6. a written agreement that sets forth each partner's rights in, and obligations to, the partnership
    Articles of Partnership
  7. a doctrine under which a plaintiff may sue, and collect a judgment from, any of several jointly liable defendants
    Joint and Several Liability
  8. a relationship founded on trust and confidence
    Fiduciary Relationship
  9. the severance of the relationship between a partner and a partnership
  10. a partnership consisting of one or more general partners and one or more limited partners
    Limited Partnership
  11. a partner who assumes responsibility for the management of the partnership and liability for its debts
    General Partner
  12. a partner who contributes capitol to the partnership but has no right to participate in the management or operation of the business and assumes no liability for partnership debts beyond the capital contributed
    Limited Partner
  13. a form of partnership that allows professionals to enjoy tax benefits of a partnership while limiting their personal liability for the malpractice of other partners
    Limited Liability Partnership
  14. a hybrid form business enterprise that offers the limited liability of the corporation but the tax advantages of a partnership
    Limited Liability Company (LLC)
  15. a person who has an ownership interest in a limited liability company
  16. the document filed with a designed state official by which a limited liability company is formed
    Articles of Organization
  17. in a limited liability company, an agreement in which the members set forth the details of how the business will be managed and operated
    Operating Agreement
  18. a legal business form that complies with statutory requirements
  19. a business corporation that qualifies for special income tax treatment
    S Corporation
  20. the document filed with the appropriate governmental agency, usually the secretary of state, when a business is incorporated
    Articles of Incorporation
  21. a set of governing rules adopted by a corporation or other association
  22. a distribution to corporate shareholders of corporate profits or income, disbursed in proportion to the number of shares held
  23. the portion of a corporation's profits that has not been paid out as dividends to shareholders
    Retained Earnings
  24. a corporation that does business in, and is organized under the law of, a given state
    Domestic Corporation
  25. in a given state, a corporation that does business in the state without being incorporated therein
    Foreign Corporation 
  26. a designation in the United States for a corporation formed in another country but doing business in the United States
    Alien Corporation
  27. a corporation whose shareholders are limited to a small group of persons
    Close Corporation
  28. a written agreement between a stockholder and another under which the stockholder authorizes the other to vote his or her shares in a certain manner
  29. the number of members of a decision-making body that must be present before business may be transacted 
  30. a certificate issued by a corporation evidencing the ownership of a specified number of shares in the corporation
    Stock Certificate
  31. rights held by shareholders that entitle them to purchase newly issued shares of a corporation's stock, equal in percentage to shares already held, before the stock is offered to any outside buyers
    Preemptive Rights
  32. a suit brought by a shareholder to enforce a corporate cause of action against a third person
    Shareholder's Derivative Suit
  33. to disregard the corporate entity and hold the shareholders personally liable for a corporate obligation
    Pierce the Corporate Veil
  34. to put funds or goods together into one mass so that the funds or goods no longer have separate identities
  35. shares of stock issued by a corporation for which the corporation receives, as payment, less than the stated value of the shares
    Watered Stock
  36. a rule that immunizes corporate management from liability for actions that are undertaken in good faith and are within both the power of the corporation and the authority of management to make
    Business Judgment Rule
  37. a common law doctrine under which either party may terminate an employment relationship at any time for any reason
    Employment at Will
  38. a relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal) 
  39. a person authorized by another to act for or in place of him or her
  40. a person who, by agreement or otherwise, authorizes an agent to act on his or her behalf in such a way that the acts of the agent become binding on the principal
  41. one who works for, and receives payment from, an employer but whose working conditions and methods are not controlled by the employer.

    *An independent contractor is not an employee but may be an agent
    Independent Contractor
  42. the act of accepting and giving legal force to an obligation that previously was not enforceable
  43. a principal whose identity is known to a third party at the time the agent makes a contract with the third party
    Disclosed Principal
  44. a principal whose identity is unknown by a third party, but the third party knows that the agent is or may be acting for a principal at the time the agent and the third party form a contract
    Partially Disclosed Principal
  45. a principal whose identity is unknown by a third person, and the third person has no knowledge that the agent is acting for a principal at the time the agent and the third person form a contract
    Undisclosed Principal
  46. a principle of law whereby a principal or an employer is held liable for the wrongful acts committed by agents or employees acting within the scope of their agency or employment

    *"let the master respond"
    Respondent Superior
  47. legal responsibility placed on one person for the acts of another
    Vicarious Liability
  48. the lowest hourly wage that an employer may pay a worker
    Minimum Wage
  49. state statutes establishing an administrative procedure for compensating workers for injuries that arise out of -- or in the course of -- their employment, regardless of fault
    Workers' Compensation Laws
  50. the creation of an absolute or unconditional right or power
  51. the process of verifying the employment eligibility and identity of a new worker
    I-9 Verification
  52. a document, commonly known as a "green card," that shows that a foreign-born individual has been lawfully admitted for permanent residency in the United States
    I-551 Alien Registration Receipt
  53. a firm that requires union membership by its workers as a condition of employment. 

    *The closed shop was made illegal by the Labor-Management Relations Act of 1947
    Closed Ship
  54. a firm that requires all workers, once employed, to become union members within a specified period of time as a condition of their continued employment
    Union Shop
  55. a state law providing that employees may not be required to join a union as a condition of retaining employment
    Right-to-Work Law
  56. a card signed by an employee that gives a union permission to act on his or her behalf in negotiations with management
    Authorization Card
  57. the process by which labor and management negotiate the terms and conditions of employment
    Collective Bargaining
  58. an action undertaken by unionized workers when collective bargaining fails. The workers leave their jobs, refuse to work, and (typically) picket the employer's workplace
  59. an employer's act of shutting down the business to prevent employees from working
  60. a group of persons with defining characteristics --- such as race, color, religion, national origin, gender, age, and disability ---- who historically have been discriminated against.
    Protected Class
  61. treating employees or job applicants unequally on the basis of race, color, national origin, religion, gender, age, and disability
    Employment Discrimination
  62. intentional discrimination against individuals on the basis of color, gender, national origin, race, or religion
    Disparate-Treatment Discrimination
  63. intentional discrimination against individuals on the basis of color, gender, national origin, race, or religion
    Disparate-Treatment Discrimination
  64. a case in which the plaintiff has produced sufficient evidence to prove his or her conclusion if the defendant produces no evidence to rebut it

    "at first sight"
    Prima Facie Case
  65. discrimination that results from certain employer practices or procedures that, although not discriminatory on their face, have a discriminatory effect
    Disparate-Impact Discrimination
  66. a termination of employment brought about by making the employee's working conditions so intolerable that the employee reasonably feels compelled to leave
    Constructive Discharge
  67. the demanding of sexual favors in return for job promotions or other benefits, or language or conduct that is so sexually offensive that is creates a hostile working environment
    Sexual Harassment
  68. a significant change in employment status, such as a change brought about by firing or failing to promote an employee
    Tangible Employment Action
  69. an employment practice that discriminates against members of a protected class but is necessary for job performance
    Business Necessity
  70. an identifiable characteristic reasonably necessary to the normal operation of a particular business
    Bona Fide Occupational Qualification
  71. a system in which those who have worked longest for the employer are first in line for promotions, salary increases, and other benefits
    Seniority System
  72. job-hiring policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination
    Affirmative Action
  73. a formal written agreement negotiated between two or more nations
  74. the principle by which one nation defers to and gives effect to the laws and judicial decrees of another nation. This recognition is based primarily on respect
  75. a doctrine providing that the judicial branch of one country will not examine the validity of public acts committed by a recognized foreign government within its own territory
    Act of State Doctrine
  76. the seizure by a government of a privately owned business or personal property for a proper public purpose and with just compensation
  77. a government's taking of privately owned business or personal property without a proper public purpose or an award of just compensation
  78. a doctrine that immunizes foreign nations from the jurisdiction of U.S. courts when certain conditions are satisfied 
    Sovereign Immunity
  79. the sale of goods and services by domestic firms to buyers located in other countries
  80. a contract between a seller and a distributor of the seller's products setting out the terms and conditions of the distributorship
    Distribution Agreement
  81. a set limit on the amount of goods that can be imported
  82. a tax on imported goods
  83. the selling of goods in a foreign country at a price below the price charged for the same goods in the domestic market
  84. a status granted by each member country of the World Trade Organization to other member countries
    Normal Trade Relations (NTR) Status
  85. a clause in a contract designating the official language by which the contract will be interpreted in the event of a future disagreement over the contract's terms
    Choice-of-Language Clause
  86. a provision in a contract designating the court, jurisdiction, or tribunal that will decide any disputes arising under the contract
    Forum-Selection Clause
  87. a clause in a contract designating the law (such as the law of a particular state or nation) that will govern the contract
    Choice-of-Law Clause
  88. a provision in a contract stipulating that certain unforeseen events---such as war, political upheavals, or acts of God---will excuse a party from liability for nonperformance of contractual obligations

    "impossible or irresistible force"
    Force Majeure Clase
  89. a worldwide system in which foreign currencies are bought and sold
    Foreign Exchange Market
  90. a bank in which another bank has an account (and vice vera) for the purpose of facilitating fund transfers
    Correspondent Bank
  91. a written instrument, usually issued by a bank on behalf of a customer or other person, in which the issuer promises to honor drafts or other demands for payment by third parties in accordance with the terms of the instrument
    Letter of Credit
Card Set:
2015-04-29 20:34:36

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