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BUSN-1010 Conroy 18

Chapter 18

Arbitration The process in which a neutral third party, an arbitrator, listens to both parties in a dispute and makes a decision that the parties have agreed will be binding on them. (Often retired judges)
Bankruptcy The legal means of relief for debtors no longer able to meet their financial obligations.
Consideration A promise to do a desired act or refrain from doing an act one is legally entitled to do in return for something of value, such as money.
Contract A legally enforceable agreement between two or more parties about a specific matter. It follows, then, that contract law is concerned with what constitutes a legally enforceable agreement.
Copyright A document that protects ownership rights for the creators of a literary, musical, dramatic, artistic, scientific, and similar works.
Mediation The process in which a neutral third party, a mediator, listens to both sides in a dispute, makes suggestions, and encourages them to agree on a solution.
Negotiable Instrument A document representing an unconditional promise to pay that is transferable among individuals and businesses.
Patent A document that protects ownership rights for the inventors of machines, manufacturing processes, chemical substances, and similar matters.
Statutory Laws Written laws, called statutes, that are created by legislative bodies.
Taxes The means by which governments raise revenues.
Tort A civil--that is, noncriminal--wrongful act that results in injury to people or property.
Created by: chuck2983



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