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26 Cards in this Set
- Front
- Back
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CAPITAL GAIN
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The profit made from the sale of a capital asset, such as real estate, a house, jewlry or stocks and bonds
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CAPITAL LOSS
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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
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CASE LAW
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Also known as common law. Law based on judicial decision and precedent rather tahn on statutes
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CAVEAT EMPTOR
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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
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CHAPTER 7 BANKRUPTCY
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A type of bankruptcy in which a person's assets are liquidated (collected and sold) and the proceeeds are distributed to the creditors
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CHAPTER 13 BANKRUPTCY
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A type of bankruptcy in which a person keeps his assets and pays creditors according to an approved plan
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CIVIL LAW
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The body of laws of a state or nation dealing with the rights of private citizens
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CLAUSES
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Individual sections written as separate paragraphs
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CLEAR AND CONVINCING EVIDENCE
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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
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COLLATERAL
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An asset that a borrower agrees to give up if he or she fails to repay a loan
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COLLECTIVE BARGAINING AGREEMENT
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The contract that spells out the terms of employment between a labor uniion and an employer
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COMMON LAW
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Also known as case law. The law created by judges when deciding individual disputes or cases
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COMPENSATION
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Something, such as money, given or received as payment or reparation, as for a service or loss
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COMPENSATORY DAMAGES
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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
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COMPLAINT
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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
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CONFLICT OF INTEREST
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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
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CONSIDERATION
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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
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CONTINGENCY FEE
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Also called a contingent fee. A fee arrangement in which the lawyer is paid out of any damages
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CONTRACT
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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
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CONTRACTS OF ADHESION
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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
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CONTRACTUAL REMEDIES
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Spells out twhat the remedies will be for a breach
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CONVEY
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To transfer or deliver to another
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COVENANT
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An agreement or promise to do something or not ot do something
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COPYRIGHT
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A person's right to prevent others from copying works that he or she has written, authored or otherwise created
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CORPORATION
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An independent entity created to conduct a business. It is owned by shareholders
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CREDITOR
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A person (or institution) to whom money is owed
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