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Business Law MB

no se hombre

QuestionAnswer
Consideration is what a person demands and generally must receive in order to maker her or his promise legally binding
Gift a transfer of ownership without receiving anything in return
Donor The person giving the gift
Donee the person receiving the gift
Forbearance the promise to not do something
Promisor person promising an action or forbearance
Promise the person to whom the promise is made
Legal Value means there has been a change in a party's legal position as a result of the contrace
Nominal Consideration token amount identified in a written contract when parties either cannot or do not wish to state the amount precisely
Output Contract agreement to purchase all of a particular producer's production
Requirements Contract seller agrees to supply all of the needs of a particulr buyer
Liquidated Debt 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 adn the performance of the new obligation
Release party settles a claim a claim at the time the tort occurs, and the liability is unliquidated beause 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 the time limit for bringing a lawsuit
Promissory Estoppel enforcement of a promise to avoid injustice by denying to the promisor the defense of lack of consideration
Genuine Assent true and complete agreement
voidable if the injured party desire, that party can cancel the contractual obligation
Rescission legal right to get back what has been put into a contract
Ratification is conduct that confirms you intend to be bound by the contract
duress when one party uses improper threat or actions to obtain an expression of agreement
Undue Influence one party to the contract is in a position of trust and wrongfully dominates the other party
Unilateral Mistake occurs when only one party holds an incorrect belief about the facts or law related to a contract
Mutual Mistake both parties have an incorrect beleif about an important fact or the applicable law
Material Facts important facts that influence the parties' decisions about a contract
void without legal effect
inncocent misrepresentation the seller does not know the statement to be untrue
fraudulent misrepresentation the seller knows the statement to be untrue
Fraud intentional misprepresentation of an important existing fact (causes injury)
contracts agreements between to or more parties that create obligations
offeror person who makes the offer
offeree person to whom the offer is made
offer is a proposal by an offeror to do something, provided the offeree does or refrains from doing something in return
Revocation the right to withdraw an offer before it is accepted
counteroffer when the offeree changes the offeror's terms in important ways adn sends it back to the offeror
Option Offeree gives the offeror somehting of value in return for a promise to keep the offer open
Firm Offer written offer contains a term stating how long the offer is to stay open
acceptance occurs when a party to whom an offer has been made agrees to the proposal
mirror image rule requires that the acceptiance must exactly match the terms contained in the offer
bilateral contracts require that the offeree accept by communicating the requested promise to the offeror
unilateral contracts requrie acceptance by the offeree performing their obligation
tort a private or civil wrong
damages monetary award intended to compensate he injured party for the harm done to her or him
negligence harm occurred as a result of the netglect or carelessness of the of the defendant
Intentional torts are torts in which the defendant possessed the intent or purpose to inflict the resulatant injury
assault occurs when one person intentionally puts another in reasonable fear of an offensive or harmful bodily contact
battery breach of duty to refrain from harmful or offensive touching
false imprisonment intentional confinement of a person against the person's will and without lawful privilege
defamation a false statement injures a person's reputation or good name
Invasion of Privacy the uninvited intursion into an individual's personal relationships adn activities in a way likely to cause shame or mental suffering in an ordinary person
Tresspass to Land enty onto the property of another without the owner's consent
conversion property is stolen, destroyed, or used in a manner inconsistent with teh owner's rights
stict liability defendant can be held liable for engaging in dangerous activities
Injunction court order for a person to do or not to do a a particular act
Evidence anything that the judge allows to be presented to the jury that helps to prove or disprove the alleged facts
Testimony statements made by witnesses under oath
witness is someone who has perosnal knowledge of the facts
subpoena a written order by the judge commanding a person to appear, give testimony, and perhaps present other evidence
verdict jury's decision
judgement is the final result of the trial
crime punishable offense against society
vicarious crimianl liability substituted criminal liability
felony crime punishable by confinement for more than a year or a fine more than $1000
misdemeanor less serious crime (less than a year less than $1000)
white collar crimes offeneses committed in the business world
probable cause reasonable ground for belief
defense legal position taken by an accused to defeat the charges brought against them
procedural defenses based on problems with the way evidence is obtained or the way an accused person is arrested, questioned, tried, or punished
Substansive Defenses disprove, justify, or excuse the alleged crime
Self-Defense use of the force that appears to be reasonably necessary to the victim to prevent death, serious bodily harm, rape, or kidnapping
Immunity freedom from prosecutin even when one has committed the crime charged
Contempt of Court action that hinders the administration of justie (punishable by imprisonment
Punishment any pentalty provided by law and imposed by a court
plea bargaining accused person agrees to plead guilty to a less serious crime in exchange for having a more serious crime dropped
False Pretenses obtaining money or other property by lying about a past or existing fact
Larceny wrongful takin of money or personal property belonging to someone else
Forgery falsely making or materially altering a writing to defraud another
Bribery unlawfully offering or giving anything of value to influence performance of an official in the carrying out of his or her public legal duties
Extortion obtaining money or other property from a person by wrongful use of force, fear, or the power of office
Conspiracy an agreement between two or more persons to commit a crime
Arson willful and illegal burning or exploding of a building
litigate to allow a court to resolve your diputes
mediator tries to develop a solution acceptable to both sides of th edispute (not legally binding on the parties)
arbitrator hold an informal hearing (binding by both parties)
court governmental forum that adminsiters justice under the law
trial court court in which a dispute is first heard
verdict the decision in a case
original jurisdiction power to hear the case in full for the first time
transcript verbatim record of what went on at trial
appelate briefs written argumetns on the issues of law, submitted by opposing attorney
general jurisdiction can hear any kind of case
specialized jurisdiction hears only one specific type of case
writ of certiorari compels the lower court to turn over the record of the case to the Supreme Court for review
court of record keeps an exact account of what goes on at a trial
associate circuit courts/county court court that hears minor crimal cases, state traffic offenses, and lawsuits involving amounts of no more than $25,000
municipal courts city court, usually divided into traffic and criminal divisions, hear ordinances
small claims court hears minor individual suits, $2500 or less involved, attorneys are not required
probate court administers wills and estates
juvenile courts based on rehabilitation not punishment
Created by: BusinessLawMB