Legal Environment Of Business

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Tort

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wrongful act resulting in injury to another's person, property, or reputation, for which the injured party is entitled to seek compensation.

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Common law

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The body of law based on court decisions, customs and practices rather than on statutes.

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Slander

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Oral communication of false and malicious statements that damage the reputation of another.

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Standing

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right or capacity of a party to assert a particular cause of action in a court of law, based on such factors as whether the party is authorized by law to sue and has sufficient stake in the outcome to ensure that the case will be properly presented.

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Procedural Law

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Aspect of a legal system that deals with the technical aspects (practices and procedures) and prescribes the steps for enforcing civil and criminal law. In contrast, substantive law creates, defines, and regulates the duties, liabilities, and rights of entities.

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Plantiff

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person who brings a civil action in a court of law.

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Assault

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Intentional or reckless threatening act that causes a person to reasonably fear for life or safety. Actual physical harm or even physical contact is not necessary to constitute an assault.

Hint 7

pointing of a gun, dagger, or a sharp object, for example, is an act of __________

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Libel

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Negligent or intentional publication or broadcast of a defamatory statement that exposes a person to contempt, disrespect, hatred, or ridicule. The defamation, whether expressed in print, writing, pictures, gestures, or signs via newspapers, radio, television, movies, or plays, is either a civil wrong or (if it tends to provoke a breach of peace) a criminal wrong. A libel is actionable per se, without proof of financial loss or special damages.

However, if a defamatory statement is true and the libeled person is a public figure or celebrity then its publication or broadcast may not constitute a libel if it can be shown that the statement was published for public benefit because of its newsworthiness.

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Contributory negligence

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Legal principle that an aggrieved or injured plaintiff may have contributed to his or her injury by being negligent of the obvious and known conditions.

Hint 9

Careless driving & driving w/o seat belt

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Conversion

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Wrongful possession or disposal (whether deliberate or negligent) of personal property belonging to another, thereby denying him or her the rights of its ownership.

Hint 10

borrowing something and not giving it back. Conversion is usually a civil offense.

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Comparative negligence

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negligence allocated between the plaintiff and the defendant with a corresponding reduction in damages paid to the plaintiff

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Felony

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crime that is more serious than misdemeanor and is punishable by imprisonment with hard labor, or death.

Hint 12

(such as arson, assault, burglary, kidnapping, murder, rape, robbery, theft)

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Larceny

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Unlawful actual or 'in effect' (constructive) taking away of goods or property without the consent, and against the will, of the owner or possessor with the intention of permanently depriving him or her of those items.

The terms 'petty larceny' and 'grand larceny' refer to the value of items so taken.

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Misdemeanor

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Offense not amounting to felony but more serious than infraction, and generally punishable by fine or imprisonment, commonly of not more than one year.

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Burglary

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crime of breaking and entering into a structure for the purpose of committing a crime. No great force is needed (pushing open a door or slipping through an open window is sufficient) if the entry is unauthorized. Contrary to common belief, a burglary is not necessarily for theft. It can apply to any crime, such as assault or sexual harassment, whether the intended criminal act is committed or not. Originally under English Common Law burglary was limited to entry in residences at night, but it has been expanded to all criminal entries into any building, or even into a vehicle.

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Theft

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Unlawful taking away of goods or property by force or intimidation, with the intention of permanently depriving the owner of those items.

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Implied contract

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agreement which is found to exist based on the circumstances when to deny a contract would be unfair and/or result in unjust enrichment to one of the parties.

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Express contract

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contract in which all elements of a contract are specifically stated (offer, acceptance, consideration), and the terms are stated, as compared to an "implied" contract in which the existence of the contract is assumed by the circumstances.

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Unjust enrichment

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1.Retention of a benefit without providing or offering any consideration in return, in situations where a consideration is reasonably expected.2.Money or other benefit obtained from another which, when not intended as a gift, is legally unjustifiable or unconscionable and for which the beneficiary must make a restitution.

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Revocation

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Cancellation, withdrawal, or termination of a act, offer, or power (such as power of attorney)

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Forbearance

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intentional delay in collecting a debt or demanding performance on a contract, usually for a specific period of time. Forbearance is often consideration for a promise by the debtor to pay an added amount.

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Emancipation

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The act or process by which a person is liberated from the authority and control of another person.

Hint 22

freeing a minor child from the control of parents and allowing the minor to live on his/her own

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Contract of adhesion

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contract (often a signed form) so imbalanced in favor of one party over the other that there is a strong implication it was not freely bargained.

Hint 23

Example: a rich landlord dealing with a poor tenant who has no choice and must accept all terms of a lease, no matter how restrictive or burdensome, since the tenant cannot afford to move. An adhesion contract can give the little guy the opportunity to claim in court that the contract with the big shot is invalid. This doctrine should be used and applied more often, but the same big guy-little guy inequity may apply in the ability to afford a trial or find and pay a resourceful lawyer.

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Usury

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The crime of charging higher interest on a loan than the law permits.

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Fraud

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Act or course of deception, an intentional concealment, omission, or perversion of truth, to (1) gain unlawful or unfair advantage, (2) induce another to part with some valuable item or surrender a legal right, or (3) inflict injury in some manner. Willful fraud is a criminal offense which calls for severe penalties, and its prosecution and punishment (like that of a murder) is not bound by the statute of limitations. However incompetence or negligence in managing a business or even a reckless waste of firm's assets (by speculating on the stockmarket, for example) does not normally constitute a fraud. In such cases, the aggrieved party (creditors or stockholders/shareholders) must prove that at some point they were intentionally deceived on a material fact. See also statute of frauds.

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Duress

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Coercion to effect an unwilling person's agreement to a transaction. It may take the form of a (1) compulsive act, (2) threat that causes fear, or (3) use of moral or social pressure to overpower the will of the individual. Agreements entered into, or testaments signed under, duress are judged illegal and invalid.

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Statute of Frauds

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Requirement that certain contracts (such as for sale of land, sale of goods exceeding a certain value, a debt guaranty) must be in writing and properly executed to prevent fraud and perjury. Otherwise such contracts cannot be enforced in the courts although they remain legal (are not rendered void).

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Disaffirm

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Repudiate; revoke consent; refuse to support former acts or agreements.

Disaffirm is commonly applied in situations where an individual has made an agreement and opts to cancel it, which he or she may do by right—such as a minor who disaffirms a contract

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Unliquidated debt

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A liability for which the exact amount owed is unable to be ascertained from reviewing the agreed upon contractual terms or that remains in dispute.

A business remains liable for an unliquidated debt it has incurred once the dispute over the amount due is legally resolved.

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Covenant not to compete

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Stipulation in a business sale agreement which prevents the owner-seller from owning or starting a business (similar to the one being sold) for a specified number of years (usually three) within a specified geographical area.

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Option contract

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An option is a type of contract that is used in the stock and commodity markets, in the leasing and sale of real estate, and in other areas where one party wants to acquire the legal right to buy something from or sell something to another party within a fixed period of time.

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Battery

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The unauthorized touching of another person without either legal justification or that person's consent.

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In Rem

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based on the location of the property and enforcement follows property rather than person.