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26 Cards in this Set

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  • Back
CAPITAL GAIN
The profit made from the sale of a capital asset, such as real estate, a house, jewlry or stocks and bonds
CAPITAL LOSS
The loss that results from the sale of a capital asset, such as real estate, a house, jewelry or stocks and bonds. Also the loss that results from an unpaid, non-business (personal) gain
CASE LAW
Also known as common law. Law based on judicial decision and precedent rather tahn on statutes
CAVEAT EMPTOR
Latin for "buyer beware." This rule genereally applies to all sales between individuals. It gives the buyer full responsibility for dertermining the quality of the goods in question. The seller generally has no duty to offer warranties or to disclose defects in the goods
CHAPTER 7 BANKRUPTCY
A type of bankruptcy in which a person's assets are liquidated (collected and sold) and the proceeeds are distributed to the creditors
CHAPTER 13 BANKRUPTCY
A type of bankruptcy in which a person keeps his assets and pays creditors according to an approved plan
CIVIL LAW
The body of laws of a state or nation dealing with the rights of private citizens
CLAUSES
Individual sections written as separate paragraphs
CLEAR AND CONVINCING EVIDENCE
The level of proof sometimes required in a civil case for the plaintiff to prevail. Is more than a preponderance of the evidence but less than beyond a reasonable doubt
COLLATERAL
An asset that a borrower agrees to give up if he or she fails to repay a loan
COLLECTIVE BARGAINING AGREEMENT
The contract that spells out the terms of employment between a labor uniion and an employer
COMMON LAW
Also known as case law. The law created by judges when deciding individual disputes or cases
COMPENSATION
Something, such as money, given or received as payment or reparation, as for a service or loss
COMPENSATORY DAMAGES
Money awarded to reimburse actual costs, such as medical bills and lost wages. Also awarded for things that are harder to measure, such as pain and suffering
COMPLAINT
In a civil action, the document that initiates a lawsuit. The complaint outlines the alleged facts of the case and the basis for which a legal remedy is sought. In a criminal action, a complaint is the preliminary charge filed by the complaining party, usually with the police or a court
CONFLICT OF INTEREST
Regers to a situation when someone, such as a lawyer or public official, has competing professional or personal obligations or personal or financial interests that would make it difficult to fulfill his duties fairly
CONSIDERATION
Something of value that is given in exchange for getting something from another person. Usually money, but can be anything of value. A necessary element for a contract to be binding
CONTINGENCY FEE
Also called a contingent fee. A fee arrangement in which the lawyer is paid out of any damages
CONTRACT
An agreement between two or more parties in which an offer is made and accepted, and each party benefits. The agreement can be formal, informal, written, oral or just plain understood. Some contracts are reuired to be in writing in order to be enforced
CONTRACTS OF ADHESION
The parties have such unequal bargaining positions that little real negotiation takes place (take it or leave it contract). Adhesion contracts are legal, but where ambiguities exist, courts generally hold that the contract should be construed against the drafter of the contract
CONTRACTUAL REMEDIES
Spells out twhat the remedies will be for a breach
CONVEY
To transfer or deliver to another
COVENANT
An agreement or promise to do something or not ot do something
COPYRIGHT
A person's right to prevent others from copying works that he or she has written, authored or otherwise created
CORPORATION
An independent entity created to conduct a business. It is owned by shareholders
CREDITOR
A person (or institution) to whom money is owed