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business law
business law
65
Business
11th Grade
12/20/2017

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Term
which is not granted by bill of rights
Definition
Freedom from prosecution
Term
the judicial power of the united states is vested in
Definition
supreme courts and inferior courts
Term
which court has original jurisdiction over federal questions and lawsuits between citizens of different states
Definition
federal district courts
Term
a duty to do or not to do a certain thing , an act or omission in violation of that duty and criminal intent are elements of a
Definition
crime
Term
which is not a business related crime?
Definition
murder
Term
examples of business related crime
Definition
arson, conspiracy, extortion
Term
a written accusation declaring that there is sufficient evidence to try the identified individual for a specified crime is called
Definition
indictment
Term
elements of tort are
Definition
duty and breach,
injury and causation
Term
The most common example of vicarious liability is
Definition
an employer for the acts of employees
a parent for the acts of the child
Term
civil juries have
Definition
to review evidence
Term
ethics is making a decision
Definition
that is reasoned
that is impartial
about a right or wrong
Term
Not basic means of expresssion
Definition
procreation
Term
basic means of expression
Definition
speech, religion and assembly
Term
the two amendments that apply to the federal and state governments respectively are
Definition
fifth and 14th
Term
which is the third stage in forming of a legal system
Definition
courts systems are formed
Term
a legislative body has the power to nullify a court's interpretation of a statute or ordinance
Definition
abolishing it and rewriting it
Term
the authors of the declaration of independence believed that to secure the rights that they had just adopted they would need to
Definition
institute their own government
Term
the US supreme court has
Definition
original jurisdiction over cases affecting public ministers,ambassadors and consuls
appellate jurisdiction over cases on appeal from the highest courts of the various states
Term
courts, below the circuit court level, that take care of specialized or relatively minor jurisdiction would not include
Definition
appellate courts
Term
some constitutional rights to due process are
Definition
the right to cross examine, the right not to testify against oneself
the right to be represented by a lawyer
Term
criminal liability may be avoided by producing evidence to support
Definition
procedural defense
substantive defense
Term
self defense, criminal insanity and immunity are examples of
Definition
substantive defenses
Term
Monetary awards to the injured party to compensate for the loss are often called
Definition
actual damages, compensatory damages
Term
consequences based reasoning first looks for alternative ways to alter the current situation and then
Definition
describes the consequences flowing from each alternative
selects the standard for judging the alternatives consequences as right or wrong
counts the number of persons affected by the possible alternatives
Term
a right based o a person's reasonable expectation that his or her actions, communications, beliefs and other personal attributes are protected from another;s improper use is called
Definition
privacy
Term
the act that requires commercial sites to use up to date methodology to restrict access to their sites containing material harmful to children is the
Definition
child online protection act
Term
which is not a major requirement for a contract
Definition
time
Term
a valid offer must be communicated to the offeree and
Definition
the offeror must intend to create a legal obligation
the terms must be definite and complete
Term
An unaccepted offer can be terminated by
Definition
a counteroffer
reasonable length of time
rejection of the offeree
Term
what can terminate an offer?
Definition
offeror revokes the offer
destruction of an item
Term
a firm offer is binding
Definition
for a slated time
for not more than 3 months
even when nothing is paid by offeree
Term
there is no contract
Definition
without both the offer and acceptance on mutually agreed terms
Term
social arrangements
Definition
are not legal obligations
Term
capacity to contract means that the person
of what is capacity
Definition
has the ability according to law, to understand his or her actions and the effect of those actions
Term
when the price is not specified in contracts between individuals who regularly deal in such goods
Definition
the current market price is used as the basis
Term
offers that require the offeree to accept by communicating the requested promise to the offeror are
Definition
bilateral contracts
Term
when the terms of acceptance must exactly match the terms contained in the offer it is called
Definition
mirror image rule
Term
in order to be effective , a rescission must be
Definition
prompt
Term
A genuine agreement may be lacking due to
Definition
duress, fraud and undue influence
Term
in economic duress cases, the courts look at
Definition
both the threat and the alternative available(opportunity costs) to the threatened party
Term
key elements in undue influence are unfair persuasion and
Definition
relationship
Term
A mistake from failure to read a contract before signing is called
Definition
a unilateral mistake
Term
Generally, mistakes that have no effect upon the contract rights of the parties are
Definition
unilateral mistakes
Term
In misrepresentation, the statement must be one of a
Definition
fact
Term
disclosure is required when a statement
Definition
omits important information about a material fact
is made false by subsequent events
Term
contracts entered into as result of misrepresentation or fraud are avoidable
Definition
the injured party
Term
an untrue statement is not material
Definition
the statement was an honest opinion
Term
Legal value is found in
Definition
the exchange of two benefits
the exchange of two detriments
the exchange of a benefit for a detriment
Term
If a contact contains a clause that allows you to escape the legal obligation the promise is said to be
Definition
illusory
Term
when buyers agree to purchase all of a particular producer's production, it is called
Definition
an output contract
Term
A liquidated debt is one where the parties agree
Definition
a)that the debt exists
b)on the amount of debt
Term
It is not a part of consideration
Definition
past performance
Term
the statute of limitations specifies
Definition
the time limit of bringing a lawsuit
Term
when consideration is provided to keep an offer open, it creates
Definition
a firm offer
Term
an important exception to the general rule that mutual consideration is necessary for a valid contract or binding promise is
Definition
promissory estoppel
Term
a big difference in economic value of what one gives and receives may be evidence
Definition
duress
mutual mistake
fraud
Term
Acting toward a contract as though one intends to be bound by it is called
Definition
ratification
Term
when a court decrees a minoremancipated, it is referred to as
Definition
formal emancipation
Term
this is a god or services that were not necessaries
Definition
car
Term
In most states a minor can get back everything they gave even if
Definition
a) they are unable to return exactly what was received under the contract
b)the goods have been used or damaged
c) the goods that have been lost consumed or destroyed
Term
some contracts of minors that cannot be disaffirmed are
Definition
a) court approved contracts
b)enlistment in the armed services
c)educational loans
Term
when the consideration by both parties ha been returned the contact is said to be
Definition
disaffirmed
Term
the severance of the child-parent relationship is referred to be as
Definition
emancipation
Term
when a person has the capacity to bind an organization to a contract they are said to have
Definition
scope of authority
Term
generally a person lacking contractual capacity can disaffirm a contract for goods and services that are not necessary
Definition
a) any time while still under the incapacity
b) within a reasonable time after attaining capacity
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