Business Law Final Study Guide

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Business Law Final Study Guide Agency­type of working relationship in which one person represent another person in a business transaction with a third party. Agency by Estoppel­when the principal's actions lead the third party to believe that the agent is working for the principal. Bilateral Contract­a contract that contains two promises: one party promises to do something in exchange for the others promise to do something else. Capacity­the legal ability to enter into a contract. Chapter 11 Bankruptcy­a type of bankruptcy that allows businesses to reorganize their financial affairs and still remain in business. Chapter 7 Bankruptcy­allows individual debtors to discharge all their debts and make a fresh start:ordinary bankruptcy. Collateral­ the property that is offered as a security interest. Collective Bargaining­process in which union and management representatives get together to work out issues such as wages, working conditions, and hiring and firing policies. Common Law­set of laws made by the courts that provide a series of consistent rules that later courts must follow. Consideration­exchange of benefits and detriments by the parties to a contract. Consumer Credit Protection Act­federal law requires creditors to inform consumers of the costs and terms of credit: truth in lending act. Consumer Product Safety Act­protects one with unreasonable risk of injury while using consumer products sold in interstate commerce. Copyright­right granted to an author,composer, photographer, or artist to publish and sell an artistic or literary work. Creditor­party who sells the goods on credit or lends the money. Crime­an offense committed against the public good, or society. Cyber Crime­any criminal activity associated with a computer.

Cyber Spoofing­crime in which a cybercriminal falsely adopts the identity of another computer user or creates a false identity on a computer Web site in order to commit fraud. Damages­payment recovered in court by a person who has suffered an injury. Debtor­party who buys the goods on credit or borrows money. Dissolution­when a partner is no longer associated with a firm. Duress­the act of destroying somebody's free will by force, threat of force, or bodily harm. Embezzlement­ wrongful taking of property by someone lawfully entrusted with possession and control of that property. Eminent Domain­right of the government to take private land for public purpose. Employment­at­will­based on the principle that each party should be free to end the employment relationship at any time without penalty. Entrapment­ if a police officer talks a person into doing a crime, the person may have defense express contract: contract statement that may be oral or written fair credit reporting act: a federal law that grants people the right to know what is contained in their credit reports felony: a major crime fiduciary relationship: relationship based on trust firm offer: a merchant’s written promise to hold an offer open for the sale or lease of goods fraud: a deliberate deception intended to secure an unlawful and unfair gain good faith: parties must treat each other fairly in a sales contract holder: a person who possesses a negotiable instrument payable to “the order of” the person holding it or to “bearer” holder in due course: a holder who takes an instrument for value, in good faith, without notice that the instrument is defective

indorsement: the act of placing one’s signature on an instrument, usually on the back, to transfer it to another intellectual property: original work fixed in a tangible medium of expression. Joint Tenancy­two people own an interest in the real estate they lease a lease hold estate.
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