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Business Law MB
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| Question | Answer |
|---|---|
| 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
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