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Business Law HJ


Consideration what a person demands and generally must receive in order to make his or her promise legally binding
Gift a transfer of ownership without receiving anything in return
Donor person giving a gift
Donee person receiving the gift
Forbearance refraining from doing what one has the right to do
Promisor a person promising an action of forbearance
Promisee person to whom the promise is made
Legal Value there has been a change in a party's legal position as a result of the contract
Nominal Consideration token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely
Output Consideration agreement to perchase all of a particular producer's production
Requirements Contract seller agreees to supply all of the needs of a particular buyer
Liquidated Debt one where the parties agree that the debt exists and on the amount of the debt
Accord and Satisfaction parties' agreement to change the obligation required by their original contract and the performance of the new obligation
Release party settles a claim at the time the tort occurs, and the liability is unliquidated because the extent of damages is uncertain
Composition of Creditors agreement by all creditors to accept something less than the total amount of their claims as full payment
Past Consideration act that has already been performed cannot be consideration for a promise in the present
Statute of Limitations state laws setting time limit for bringing a law suit
Promissory Estoppel enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration
Fraud intentional misrepresentation of an existing, important fact
Fraudulent Misrepresentation if seller knows the statement is untrue
Innocent Misrepresentation party to a contract does not know that a statement he or she made is untrue
Void without legal effect
Material Facts important facts that influence the parties' decisions about a contract
Mutual Mistake both parties to a contract have an uncorrect belief about an important fact
Unilateral Mistake occurrs when one party holds an incorrect belief about the facts related to a contract
Undue Influence Occurs when one party to the contract is in a position of trust and wrongfully dominates the other party
Duress when one party uses an improper threat or act to abtain an expression of agreement
Ratification conduct that confirms you intend to be bound by the contract
Rescission backing out of the transaction by asking for the return of what you gave and offering to give back what you received
Voidable injured party can withdraw, thus cancelling the contract
Genuine Assent true and complete agreement
Unilateral Contract an offer where the offeror requires the offeree indicate acceptance by performing his or her obligations under the contract
Bilateral Contract require that the offeree accept by communicating the requested promise to the offeror
Mirror Image Rule requires that the acceptance must exactly match the terms contained in the offer
Acceptance when a party to whom an offer has been made agrees to the proposal
Firm Offer when a written offer contains a term stating how long it is to stay open
Option if the offeree gives the offeror something of value in return for a promise to keep the offer open
Counteroffer if the offeree changes the offeror's terms in important ways and sends it back to the offeror
Revocation the right to withdraw an offer before it is accepted
Offer proposal by an offeror to do something, provided the offeree does or refrains from doing something in return
Offeree person to whom an offer is made
Offeror person who makes an offer
Contracts an agreement between two or more parties that creats obligations
Writ of Execution process by which a judgment for money is enforced
Judgment final result of a trial
Verdict the jury's decision
Subpoena wirtten order by the judge commanding a person to appear, give testimony, and perhaps present other evidence
Witness someone who has personal knowledge of the facts
Expert Witness witness who possesses superior knowledge about important facts
Testimony consists of statements made by witnesses under oath
Evidence includes anything that the judge allows to be presented to the jurt that helps prove or disprove the alleged facts
Injunction court order for a person to do or not do a particular act
Strict Liability holding a defendant liable without a showing of negligence
Conversion using property in a manner inconsistent with the owner's rights
Trespass to Land entry onto the property of another without the owner's consent
Invasion of Privacy tort defined as the uninvited intrusion into an individual's personal relationships and activities in a way likely to cause shame or mental suffering in an ordinary person
Defamation a false statement that injures a person's reputation or good name
False Imprisonment the intentional confinement of a person against the person's will and without lawful privilege
Battery harmful or offensive touching
Assault occurs when one person intentionally puts another in reasonable fear of an offensive or harmful bodily contact
Intentional Torts torts in which the defendant possessed the intent or purpose to inflict the resultant injury
Negligence most common tort based on carelessness
Damages monetary award intended to compensate the injured party for the harm done to him or her
Tort a private or civil wrong
Plea Bargaining agreement with prosecutor allowing defendant to plead guilty to a lesser crime than the more serious one he or she likely would be charged with
Punishment any penalty provided by law and imposed by a court
Contempt of Court action that hinders the administration of justice
Immunity freedom from prosecution even when one has committed the crime charged
Criminal Insanity generally exists when, because of a verifiable mental disease or defect, the accused does not know the difference between right wrong
Self-Defense use of the force that appears to be reasonably necessary to the victim to prevent death, serious bodily harm, rape, or kidnapping
Procedural Defenses based on problems with the way evidence is obtained or the way an accused person is arrested, questioned, tried, or punished
Defense legal position taken by an accused to defeat the charges against him or her
Probable Cause a reasonable ground for belief
Arson willful and illegal burning or exploding of a building
Conspiracy agreement between two or more persons to commit a crime
Extortion obtaining money or other property from a person by wrongful use of force, fear, or the power of office
Bribery unlawfully offering or giving anything of value to influence performance of an official in the carrying out of his or her public or legal duties
Forgery falsely making or materially alteing a writing to defraud another
False Pretenses obtaining money or other property by lying about a past or existing fact
Larceny the wrondful taking of money or personal property belonging to someone else, with the intent to deprive the owner of it
Robbery taking of property from another's person or immediate presence, against the victim's will, by force or causing fear
Burglary variation of larceny. occurs when one enters a building without permission with the intent to commit a crime
White-Collar Crimes offenses committed in the business world
Antitrust Laws states that competing companies may not cooperate in fixing prices or in dividing sales regions
Misdemeanor less erious crime, usually punishable by confinement in county or city jail for one year or less, by a fine of $1,000 or less, or both
Infractions lesser misdemeanors where one can only be fined
Felony crime punishable by confinement for more than a year in a state prison or by a fine of more than $1,000 or both-or even death
Vicarious Criminal Liability substituted criminal liability
Crime punishable offense against society
Probate Courts courts that administer wills and estates
Juvenile Courts courts that try individuals over 13 and under 18 years of age who have special status under the law
Small Claims Court courts that handle disputes in which small amounts, generally $2,500 or less, are invloved
Municipal Courts city court, usually divided into traffic and criminal divisions
Associate Circuit Courts courts that hear minor criminal cases, state traffic offenses, and lawsuits involving amounts of no more than $25,000
Justice title given to judges who sit on state supreme courts and the Federal Supreme Court
Court of Record accurate, detailed report of what went on at a trial
Writ of Certiorari Supreme Court issues this if they believe a case contains a constitutional issue sufficiently important
Specialized Jurisdiction the ability to hear only one specific type of case (family court, traffic court, etc.)
General Jurisdiction ability to hear almost any kind of case
Appellate Briefs written arguments on the issues of law, submitted by opposing attorneys
Transcript verbatim record of what went on at trial
Appellate Court court that reviews decisions of lower courts when a party claims an error of law was made during the lower court's proceeding
Original Jurisdiction power to hear the case in full for the first time
Verdict decision in a case
Trial Court court in which a dispute is first heard
Court a governmental forum that administers justice under the law
Arbitrator independent third party who develops a binding and enforceable resolution to a dispute
Mediator independent third party who tries to develop a non-binding solution acceptable to both sides of a dispute
Litigate to allow a court to resolve diputes
Created by: BusinessLawHJ



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