Business Law Final Vocabulary
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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TORT | A private wrong against an individual party
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RESTITUTION | Restoring or making good a loss; repayment of money illegally obtained
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ALTERATION | A material change to a contract made intentionally by a party to the agreement without the consent of the other party
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ASSIGNMENT | A transfer of contractual rights from one party to another
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CRIME | A public wrong committed against society
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BANKRUPTCY | Legal proceeding in which one's assets are distributed among creditors to discharge debts
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UNCONSCIONABLE | Agreement that is so grossly unfair as to be offensive
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LIQUIDATED DAMAGES | Money paid to the injured party for a breach of contract that has been agreed to in advance of the breach
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QUASI-CONTRACT | An obligation that is enforced as if it were a contract in order to prevent the unjust enrichment of one party at the expense of the other.
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CONTRACT | An agreement between two or more parties that is enforceable in court
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INTEGRATION CLAUSE | Statement in a contract indicating that both parties agree that the terms written in the contract constitute the entire & final agreement
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PAROL EVIDENCE RULE | Legal requirement that oral testimony cannot be used to contradict terms in a complete, final, written contract
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MERCHANT | A seller who deals regularly in a particular type of goods or who claims special knowledge in a certain type of sales transaction
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STATUTE OF FRAUDS | Requirement that certain kinds of contracts be written and signed in order to be enforceable in court
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DELEGATION | A transfer of contractual duties from one party to another
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MITIGATE | Requires that an injured party in a tort act in a manner that would minimize his/her injury
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STATUTE OF LIMITATIONS | State-level law that establishes a time limit for bringing a lawsuit to court
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CIVIL DISOBEDIENCE | A willful, open violation of the law to protest an alleged injustice
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CONTRACT OF ADHESION | An agreement in which the more powerful party dictates all of the important terms
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COMPOUNDING A CRIME | Accepting something of value in exchange for a promise not to inform on or prosecute a suspected criminal
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EMANCIPATION | Legal severing of the child-parent relationship
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PUNITIVE DAMAGES | Money that a court requires a defendant to pay in order to punish and make an example of the defendant
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MISDEMEANOR | A crime that is punishable by a fine and/or confinement for a period of one year or less
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SCOPE OF AUTHORITY | The range of acts that an organization has authorized an employee to perform
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FORBEARANCE | Refraining from doing something that one has a legal right to do
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