Glossary of Legal Terms: Business, Contracts, Bankruptcy, and Tort Law, Quizzes of Introduction to Business Management

Download Glossary of Legal Terms: Business, Contracts, Bankruptcy, and Tort Law and more Quizzes Introduction to Business Management in PDF only on Docsity! TERM 1 Administrative agencies DEFINITION 1 Federal or state institutions and other government organizations created by Congress or state legislatures with delegated power to pass rules and regulations within their mandated area of authority. TERM 2 Bankruptcy DEFINITION 2 The legal process by which a person, business, or government entity unable to meet financial obligations is relieved of those obligations by a court that divides any assets among creditors, allowing creditors to get at least part of their money and freeing the debtor to begin anew. TERM 3 Breach of contract DEFINITION 3 When one party fails to follow the terms of a contract. TERM 4 Business law DEFINITION 4 Rules, statutes, codes, and regulations that are established to provide a legal framework within which business may be conducted and that are enforceable by court action. TERM 5 Common law DEFINITION 5 The body of law that comes from decisions handed down by judges; also referred to as unwritten law. TERM 6 Consideration DEFINITION 6 Something of value; consideration is one of the requirements of a legal contract. TERM 7 Consumerism DEFINITION 7 A social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers. TERM 8 Contract DEFINITION 8 A legally enforceable agreement between two or more parties. TERM 9 Contract law DEFINITION 9 Set of laws that specify what constitutes a legally enforceable agreement TERM 10 Copyright DEFINITION 10 A document that protects a creator's rights to materials such as books, articles, photos, and cartoons. TERM 21 Product liability DEFINITION 21 Part of tort law that holds businesses liable for harm that results from the production, design, sale, or use of products they market. TERM 22 Statutory law DEFINITION 22 State and federal constitutions, legislative enactments, treaties of the federal government, and ordinances - in short written law. TERM 23 Strict product liability DEFINITION 23 Legal responsibility for harm or injury caused by a product regardless of fault. TERM 24 Taxes DEFINITION 24 How the government (federal, state, and local) raises money TERM 25 Tort DEFINITION 25 A wrongful act that causes injury to another person's body, property, or reputation. TERM 26 Uniform Commercial Code (UCC) DEFINITION 26 A comprehensive commercial law, adopted by every state in the United States, that covers sales laws and other commercial laws. TERM 27 Voluntary bankruptcy DEFINITION 27 Legal procedures initiated by the debtor.