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26 Cards in this Set
- Front
- Back
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The rules and regulations that govern the conduct of business
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Business law
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The legal power of the court, through a judge, to interpret and apply the law and make a binding decision in a particular case.
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Jurisdiction
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Two task court; First determine facts of case, second decide which law or set of laws is pertinent to the case and must then apply those laws to resolve the dispute.
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Trial Court
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Court that deals with the appeals relating to the interpretation of law.
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Appellate Court
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Form of negotiation to resolve a dispute by bringing in one or more third-party persons to help reach a settlement.
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Mediation
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Involves submission of a dispute to one or more third-party persons, whose decision usually is final.
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Arbitration
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Both parties agree to present a summarized version of their case to an independent third-party.
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Mini-trial
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An independent third party resolves the case after hearing both sides of the story. Similar to arbitration.
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Private court system
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Federal regulatory unit that most influences business activities related to questionable practices that create disputes between businesses and their customers.
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Federal Trade Commssion (FTC)
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Set of laws covering several business law topics.
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Uniform Commercial Code (UCC)
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Stipulates the specific terms the seller will honor.
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Express warranty
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Imposed on the producer or seller by law, although it may not be a written document provided at the time of sale.
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Implied warranty
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A private or civil wrong other than breach of contract.
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Tort
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A purposeful unlawful act to deceive or manipulate in order to damage others.
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Fraud
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Businesses' legal responsibility for any negligence in the design, production, sale, and consumption of products.
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Product liability
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A mutual agreement between two or more parties that can be enforced in a court if one party chooses not to comply with the terms.
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Contract
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The failure or refusal of a party to a contract to live up to his or her promises.
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Breach of contract
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Common business relationship created when one person acts on behalf of another and under the person's control.
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Agency
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In an agency relationship, the one who wishes to have a specific task accomplished
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The principal
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In an agency relationship, the one who acts on behalf of the principal to accomplish the task.
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The agent
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Consists of real estate and everything permanently attached to it.
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Real property
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Essentially everything not considered, "real property"
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Personal property
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Property, such as musical works, artwork, books, and computer software, that is generated by a person's creative activities.
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Intellectual property
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Passed in 1890 to prevent businesses from restraining trade and monopolizing markets, condemns "every contract, combination, or conspiracy in restraint of trade."
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Sherman Antitrust Act
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Prohibits price discrimination, tying and exclusive agreements, and the acquisition of stock in another corporation where the effect may be to lessen competition substantionally or tend to create a monopoly.
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Clayton Act
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Criminalized securities fraud and strengthened penalties for corporate fraud.
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Sarbanes-Oxley Act
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