Business Legal Terminology (Blt) - Series 3

Front 1

Legal Remedy

Back 1

The method the court uses to compensate an injured party for loss or harm suffered as a result of another party's tort or breach of contract. Generally takes the form of monetary damages.

Hint 1

Compensatory damages. Mostly in money.

Front 2

Injunction

Back 2

An equitable remedy awarded by courts when money damages are not adequate to compensate an injured party. Generally a court order requiring the person or persons to whom it is directed to do or refrain from a particular act

Front 3

Specific Performance

Back 3

A contract remedy that requires the breaching party to perform its obligations under the contract rather than awarding money damages to the non-breaching party

Front 4

Mitigation

Back 4

Under the uniform commercial code, the obligation of a non-breaching party to minimize it's losses when the other party breaches a contract.

Hint 4

The one that didn't breach has to mitigate my losses so the damages doesn't get any bigger.

Front 5

Legal Interest

Back 5

An interest (such as ownership, possession, occupancy, use, security, or insurability) that is recognized by the law

Front 6

Voidable Title

Back 6

Limited rights in property (inferior to those of the owner) obtained by means of fraud, deception, or by contract from a party lacking legal capacity. Recoverable by the owner unless the property has been transferred by the holder to a bona fide purchaser

Front 7

Risk of Loss

Back 7

Under contract law, a term used to determine which party should bear the financial responsibility for damage or loss affecting goods that are the subject of a contract.

Hint 7

For when there is a sale of goods, and determining when does the responsibility for loss transfer from seller to buyer.

Happens by agreement of parties.

FOB - Free on board (on the truck)

FOB shipper - get on the truck on my dock

FOB buyer - get on the truck on buyer's dock

FAS - Free along side (alongside the truck)

Shipper - Get it along my dock (not on the truck)

Buyer - Get it to alongside the buyer's dock.

don't care:

CIF - cost of good, insurance, fright

C&F - cost & freight

Front 8

Discovery

Back 8

In litigation, pretrial investigation used by the parties to uncover pertinent evidence of the opposition's case. Typically includes written questions (interrogatories) that must be answered under oath in writing; and oral questioning under oath (deposition) of the other party and/or witnesses.

Hint 8

Purpose is to avoid surprise in the trial. So both sides can have sufficient information for trial.

Front 9

Motion

Back 9

A formal request that a court take some specified action during litigation. For example, a motion to compel discovery is a request that a trial court order the other party to respond to discovery

Hint 9

When one party asks the court to do something to make the other party do something via an order.

Front 10

Arbitration

Back 10

A form of alternative dispute resolution in which the parties hire a neutral third party to hear their respective arguments, receive evidence, and then make a binding decision

Hint 10

Alternative dispute resolution (mediation and arbitration)

Front 11

Jurisdiction

Back 11

The right, power, or authority of a court to administer justice by hearing cases and controversies and issuing judgments that are binding on and enforceable against the parties.

Hint 11

I.E. general courts, family law courts, small claim courts, bankruptcy court, juvenile court, etc.

Front 12

Statute

Back 12

A law enacted by a legislative body, such as congress

Front 13

Common Law

Back 13

Law derived from judicial decisions in cases decided by the courts. Also known as “Judge-made law.”

Front 14

Precedent

Back 14

A decision in an earlier case that addressed the same legal issue as the one being currently disputed by the parties, which therefore controls the outcome of the present case.

Front 15

Rulemaking

Back 15

The power of administrative agencies to make law by issuing regulations.

Front 16

Preamble to the Constitution

Back 16

A brief introductory statement of the Constitution’s fundamental purposes and guiding principles. It states in general terms the intentions of the States’ representatives regarding the meaning of the Constitution and what they hoped the Constitution would achieve. It does not assign powers to the federal government, nor does it provide specific limitations on government action.

Front 17

Full Faith and Credit

Back 17

A duty imposed on each state by Article IV, Section 1 of the United States Constitution to respect the "public acts, records, and judicial proceedings of every other state."

Hint 17

One state should respect the judicial proceeding of another state.

Front 18

Bill of Rights

Back 18

The first ten amendments to the Constitution guaranteeing certain personal freedoms, limiting the government's power in judicial and other proceedings, and reserving certain powers to the states and the people.

Front 19

Supremacy Clause

Back 19

Article VI, clause ii of the Constitution, stating that the Constitution, all laws of the United States made in pursuance of the Constitution, and all treaties made under the authority of the United States are the supreme law of the land and preempt anything to the contrary in the constitution or laws of any state.

Hint 19

If there is a federal law that conflicts with the state law, the federal law pre-empts the state law.