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business law week 2
| Term | Definition |
|---|---|
| Ratification | conforming an act which was executed without authority or an act which was voidable. |
| breach | a situation in which one of the parties to a contract fails or otherwise refuses to perform the obligations established in that contract |
| creditor beneficiary | a person who is not a party to a contract to whom the promisor of a contract owes an obligation or duty |
| done beneficiary | a third party beneficiary to whom no legal duty is owed and performance is a gift |
| compensatory damages | an award paid to the injured party to cover the exact amount of their loss, but no more |
| Statute of Frauds | a statute originally enacted by English Parliament, and now enacted in some form in all the American states, listing certain types of contracts which could only be enforced if in written form |
| Uniformed Commercial Code | recognized as the most important statute in business law, it includes provisions which regulate certain sales of goods and negotiable instruments |
| Intangible personal property | evidence of ownership of personal property, such as stock of corporations, checks and copyrights |
| Civil Law | The branch of law dealing with the definition and enforcement of all private or public rights, as opposed to criminal matters. |
| Criminal Law | Law that defines and governs actions that constitute crimes. Generally, criminal law has to do with wrongful actions committed against society for which society demands redress. |
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