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Exit - Legal

Legal Environment of Business

TermDefinition
Contract Legally binding agreement between two or more parties.
Offer Proposal showing willingness to enter contract.
Acceptance Agreement to terms of offer.
Consideration Exchange of value required in a contract.
Negligence Failure to exercise reasonable care causing harm.
Trademark Distinctive sign identifying goods or services.
Patent Exclusive right to invention for set period.
Copyright Protection for original works of authorship.
Trade Secret Confidential business information giving advantage.
LLC Limited Liability Company combining flexibility and protection.
Agency Relationship where agent acts on behalf of principal.
Ethical Dilemma Situation requiring choice between competing values.
Social Responsibility Business obligation to contribute to society.
Administrative Law Rules made by government agencies.
Tort Civil wrongs not arising from contract
Created by: tahjzha
 



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