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BLACKWELL FINAL VOC
Business Law Final Vocabulary
| Term | Definition |
|---|---|
| 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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