Business Law Vocabulary – Flashcards
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Case Precedents
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an adjudged case or decision of a court which serves as an example or authority for identical cases arising afterwards
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Administrative Law
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body of law created by administrative agencies in the form of rules regulations orders and decisions
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Citation
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the reference to a publication where a law can be found
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Civil Laws
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the laws which are concerned with civil or private rights and remedies as contrasted to the criminal laws -(in roman tradition as opposed to the British common law)
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Common Law
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as distinguished from statutory law, the body of law created from judgments and decrees of courts
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Constitutional Law
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that branch of the public law of a nation or state which treats of the organization, powers, frame of government, and fundamental principles which regulate the relations of governments and citizens
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Criminal Laws
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the laws which, for the purpose of preventing harm to society, declares what conduct is criminal and prescribes the punishment imposed
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Law
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enforceable rules governing relationships between individuals and individuals and their society
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Private Laws
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the portion of law which defines individuals, associations and corporations
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Public Laws
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a general classification of the law concerned with the organization of the state and the relations between the state and the people who compose it - generally of constitutional, administrative, criminal and international law
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Procedural Laws
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the law which prescribe the methods or procedures used in judicial and administrative courts for enforcing the substantive law
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Stare Decisis
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the policy of courts to follow established precedents
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Statutory Law
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the body of law enacted by legislative bodies
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Substantive Laws
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the part of the law that defines the rights and duties of the parties as opposed to the procedural laws
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California Unfair Competition Law
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California Business and Professions Code 17200 which creates a right of action as a result of unfair business practices which include "any unlawful, unfair or fraudulent business act or practice and unfair, deceptive, untrue and misleading advertising"
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Ethics
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the discipline that is concerned with what is right and what is wrong behavior, moral action or conduct
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Fiduciary
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a person having a special duty of good faith, trust and faithfulness toward another- examples include a conservator, guardian, business partner, and trustee of an estate
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Good Faith
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an intangible quality which encompasses an honest belief, the absence of malice or design to take an unethical advantage of another (the uniform commercial code defines as honesty in fact and the observance of reasonable standards of fair dealing in the trade)
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Punitive Damages
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special damages imposed for the purpose of punishing wrongful behavior
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Alien Corporation
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a designation in the United States for a corporation formed in another country but doing business in the United States
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Articles of Incorporation
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the document filed with the appropriate government agency, usually the Secretary of State,when a business is incorporated; state statutes prescribe the kind of information that must be contained in the articles
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Board of Directors
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the body of individuals who collectively govern a corporation
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Bylaws
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a set of governing rules adopted by a corporation or other association
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C Corporation
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A Corporation registered under Chapter C of the Internal Revenue Code which is subject to taxation separate and in addition to its shareholders
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Corporate Officers and Executives
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individual employees who are hired by the board of directors, or in some instances, by the shareholders, to carry out the duties articulated in the bylaws and by the Board of Directors
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Corporation
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a legal entity formed in compliance with statutory requirements, which is distinct from its shareholderowners
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Domestic Corporation
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In a given state a business that does business in, and is organised under the laws of that state
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Foreign Corporation
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In a given state a corporation that does business in the state without being incorporated in that state
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Franchise
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arrangement in which the owner of a trademark,trade name or copyright licenses another to use the trademark, trade name or copyright under specific conditions or limitations, in the selling of goods and services
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General Partner
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in a limited partnership, partner who assumes responsibility for the management of the partnership and the liability for all the partnership debts
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Limited Liability Company (LLC)
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a hybrid form of business enterprise that offers the limited liability of the corporation but the tax advantages of the partnership
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Limited Liability Partnership
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a form of partnership that allows a professional to enjoy the tax benefits of a partnership while limiting their personal liability for the malpractice of other partners
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Joint and Several Liability
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A designation of liability by which members of a group are either individually or mutually responsible to a party in whose favor a judgment has been awarded
