Business Law Glossary Ch. 1-6

Money that a wrongdoer must pay as the result of a legal action

An agreement in which the parties communicate their intentions either verbally or in writing

A notice given to a dependent, attaching the complaint and stating a time frame in which to respond

A legally enforceable agreement in which the terms have been fulfilled

A legally enforceable agreement in which the terms have not been completely executed or fulfilled

An offense which is injurious to society as a whole

Law enacted by a local unit of government

a judicial order or decree forbidding certain conduct

A proposal to make a contract

Serious criminal offense punishable by imprisonment for more than one year or death

Laws which seek to promote competition among businesses

A legally enforceable agreement which consist of mutual promises to perform future acts

A contract which is legally enforceable

An agreement to an offer resulting in a contract

The body of law derived from judicial decisions, rather than from statutes or constitutions

Governmental rule prescribing conduct and carrying a penalty for violation

private/civil wrong against a person/their property, other than by breach of contract, there may be actions for damages

A contract which would be an enforceable agreement but due to circumstances may be set aside by one of the parties

Courts that hear cases appealed from a lower court

The document which initiates a civil lawsuit

The party to whom an offer is made

The party who initiates or makes an offer

Laws dealing with crimes and the punishment of wrongdoers

Court which conducts the originally trial of a case

A decision of a court

Laws which are enacted by legislative bodies

A person in a relationship of trust and confidence

A law that restricts the period of time within which an action may be brought to court

Principle that the decision of a higher court should serve as a guide or precedent for similar future cases

Equitable doctrine/substitute for consdieration that prevents the promisor from revoking the promise

A less serious crime punishable by fine and/or imprisonment of less than one year

A mailed acceptance to an offer is effective when posted

The formal and informal exchange of information between sides in a lawsuit

Rules of conduct for the performance of business transactions

The consideration stipulated by contract, generally expressed in money

The carrying out of completion of some task

Official document responding to the plaintiff's complaint

The body of law concerned with private or personal rights

A change to an originally offer that rejects that offer and becomes a new offer

The party who initiates a civil action

Legally enforceable agreement in which the terms are set by acts/conduct of the parties rather than expressed verbally

A contract formed when an act is done in consideration for a promise

Failure to exercise reasonable care

Request to a higher court to review a lower court's decision

Model act that includes provisions concerning certain sales of goods and negotiable instruments

An agreement made and executed in fulfillment of the rights one has from a previous contract

Failure of refusal to perform contractual obligations

A contract created or implied by law to prevent unjust enrichment

A legally enforceable agreement

An agreement of no legal effect

The party against whom legal action is brought