The codified
rules of behavior enforced by a society.
Laws created
by federal state, or local legislative acts and constitutions.
Laws concerned
with the government levying and collecting of taxes on
individuals and businesses.
A tax
collected by a business on the goods and services it sells.
A tax that is
levied on the products used only by certain segments of the
population.
A tax levied
by a country on the goods that enter or leave its borders.
A tax
calculated on the amount of value added to a product at each
stage of the manufacturing or distribution process.
Court
interpretations of statutory laws that set precedents and become
the basis for later interpretations of the same laws.
The practice
of judicial rulings following the decisions made in earlier
cases (precedents).
Laws made by
decree of government agencies and commissions.
A court of
appeals on either the state or the national level.
The party in a
lawsuit who feels wronged.
The party in a
lawsuit who is charged with wrongdoing.
The process by
which both parties to a lawsuit learn more about the other
party's evidence and exact position on the issue.
In a lawsuit,
a petition to the judge to establish certain limits regarding
testimony, evidence, and other important issues.
Any agreement
between two or more parties that is enforceable in court.
In
legal terms, the mental competence that is necessary for an
individual to enter into a binding contact.
In legal
terms, any item of value that is exchanged between parties to
create a valid contract.
A violation of
one or more of the terms of a contract by a party to that
contract.
A civil (noncriminal)
injury to people, their property, or their reputation for which
compensation must be paid.
Spoken
defamation of character.
Written
defamation of character.
A
tort that results from the deliberate actions of a person
or firm.
Fines that
must be paid by the guilty party over and above the actual loss
suffered by the plaintiff. Intended to punish the defendant.
In legal
terms, a lack reasonable care and caution.
A form of tort
in which a company is held responsible for injuries caused by
its product; a firm's responsibility for its product
A form of
product liability in which a company is held responsible for
harm caused by its product even though no deliberate tort or
negligence was involved.
In legal
terms, anything of value to which a person or business has sole
right of ownership.
Land and
anything attached to it.
Any movable
item that can be owned, bought, sold, or leased.
Property that
cannot actually be seen but has written documentation.
Property
created through a person's mental skills.
A form of
intellectual property protection granted by the U.S. government
to the inventor for 17 years.
The exclusive
ownership right that belongs to the creator of a literary work,
design, illustration, photo, film, or musical work for the
creator's entire life, and to the creator's estate for 50 years
after the creator's death.
The exclusive
legal right to use a brand name or symbol.
In legal
terms, the rights of citizens to certain benefits.
A written
contract that transfers ownership of real property.
The transfer
of personal property.
A person who
acts for, and in the name of another party.
An individual
or a company that authorizes an agent to act on its behalf.
The legal
granting of power to an agent to act on the principal's behalf.
An agent's
power to bind a principal to a certain course of action derived
from a written agreement.
An agent's
power to bind a principal to a certain course of action derived
from business customs.
An agent's
power to bind a principal to a certain course of action based on
the principal's silent compliance.
A body of
standardized laws governing the rights of buyers and sellers in
every state except Louisiana.
A seller's
promise to stand by its products or services in the event of a
problem after the sale is completed.
A warranty
whose terms are specifically stated by the seller.
A warranty
whose terms are dictated by law.
Any form of
business paper used in place of cash.
Permission
granted by the courts to individuals and businesses not to pay
some of their debts.
Bankruptcy
proceedings that are initiated by the creditors of an indebted
firm or individual.
Bankruptcy
proceedings that are initiated by an indebted firm or
individual.
