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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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Term
Definition
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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