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Business Law Final Vocabulary

TORT A private wrong against an individual party
RESTITUTION Restoring or making good a loss; repayment of money illegally obtained
ALTERATION A material change to a contract made intentionally by a party to the agreement without the consent of the other party
ASSIGNMENT A transfer of contractual rights from one party to another
CRIME A public wrong committed against society
BANKRUPTCY Legal proceeding in which one's assets are distributed among creditors to discharge debts
UNCONSCIONABLE Agreement that is so grossly unfair as to be offensive
LIQUIDATED DAMAGES Money paid to the injured party for a breach of contract that has been agreed to in advance of the breach
QUASI-CONTRACT An obligation that is enforced as if it were a contract in order to prevent the unjust enrichment of one party at the expense of the other.
CONTRACT An agreement between two or more parties that is enforceable in court
INTEGRATION CLAUSE Statement in a contract indicating that both parties agree that the terms written in the contract constitute the entire & final agreement
PAROL EVIDENCE RULE Legal requirement that oral testimony cannot be used to contradict terms in a complete, final, written contract
MERCHANT A seller who deals regularly in a particular type of goods or who claims special knowledge in a certain type of sales transaction
STATUTE OF FRAUDS Requirement that certain kinds of contracts be written and signed in order to be enforceable in court
DELEGATION A transfer of contractual duties from one party to another
MITIGATE Requires that an injured party in a tort act in a manner that would minimize his/her injury
STATUTE OF LIMITATIONS State-level law that establishes a time limit for bringing a lawsuit to court
CIVIL DISOBEDIENCE A willful, open violation of the law to protest an alleged injustice
CONTRACT OF ADHESION An agreement in which the more powerful party dictates all of the important terms
COMPOUNDING A CRIME Accepting something of value in exchange for a promise not to inform on or prosecute a suspected criminal
EMANCIPATION Legal severing of the child-parent relationship
PUNITIVE DAMAGES Money that a court requires a defendant to pay in order to punish and make an example of the defendant
MISDEMEANOR A crime that is punishable by a fine and/or confinement for a period of one year or less
SCOPE OF AUTHORITY The range of acts that an organization has authorized an employee to perform
FORBEARANCE Refraining from doing something that one has a legal right to do
Created by: Knightcoach53


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