A rule
developed by a society to govern the conduct of, and
relationship among, its members.
Also known as
case law or judicial law is the body of law created by the court
decisions rendered by judges.
A law that is
passed by the U.S. congress a state legislature, or a local
government.
All the laws
that have been enacted by legislative bodies.
A set of laws
designed to eliminate differences among state regulations
affecting business and to simplify interstate commerce.
The
regulations created by government agencies that have been
established by legislative bodies.
The body of
law that deals with the relationships between individuals or
businesses and society.
A violation of
a public law.
The body of
law that governs the relationships between two or more.
individuals or businesses.
A violation of
a private law.
A failure to
exercise reasonable care, resulting in injury to another.
The legal
concept that holds that a manufacturer is responsible for
injuries caused by its products even if it was not negligent.
A court that
hears only specific types of cases.
A court that
hears cases that are appealed from lower courts.
The first
court to recognize and hear testimony in a legal action.
A legally
enforceable agreement between two or more competent parties who
promise to do, or not to do, a particular thing.
A contract
requirement consisting
of an offer by one party to enter into a contract with a second
party and and acceptance by the second party of all the terms
and conditions of the offer.
The value or
benefit that one party to a contract furnishes to the other
party.
The practice
of charging interest in excess of the maximum legal rate.
The
fulfillment of all obligations by all parties to the contract.
The failure of
one party to fulfill the terms of a contract when there is no
legal reason for that failure.
When all
parties agree to void a contract.
A monetary
settlement awarded to a party that is injured through a breach
of contract.
The legal
requirement that the parties to a contract fulfill their
obligations according to the contract (as opposed to settlement
via payment of damages).
A type of
contract by which ownership is transferred from a seller to a
buyer.
A written
explanation of the responsibilities of the producer (or seller)
in the event that a product is found to be defective or
otherwise unsatisfactory.
A guarantee
that is imposed or required by law.
Anything that
can be owned.
Land and
anything that is permanently attached to it.
All property
other than real property.
A brand that
is registered with the U.S. Patent and Trademark Office and is
thus legally protected from use by anyone except its owner.
The exclusive
right to make, use, sell, or license others to make or sell a
newly invented product or process.
The exclusive
right to publish, perform, copy, or sell an original work.
A written
document by which the ownership of real property is transferred
from one person or organization to another.
An agreement
by which the right to use real property is temporarily
transferred from its owner, the landlord, to a tenant.
A written
document that (1) is a promise to pay a stated sum of money and
(2) can be transferred from one person or firm to another.
The payee's
signature on the back of a negotiable instrument.
A business
relationship in which one party (called the principal) appoints
a second party (called the agent) to act on behalf of the
principal.
A legal
document that serves as evidence that an agent has been
appointed to act on behalf of a principal.
A legal
procedure designed both to protect an individual or business
that cannot meet its financial obligations and
to protect the creditors involved.
A bankruptcy
procedure initiated by an individual or business that can no
longer meet its financial
obligation.
A bankruptcy
procedure initiated by creditors
