DePaul Business Law Midterm Review

Definition of Law ”a rule of civil conduct prescribed by the supreme power in a state, commanding what is right, and prohibiting what is wrong” (William Blackstone) Functions of Law to maintain stability in the social, political, and economic system through dispute resolution, protection of property, and the preservation of Read more…

Business law 2: Key nouns

nominee назначенное лицо выдвинутый кандидат (на должность) franchise франшиза, особый контракт (на использование торговой марки) коммерческая концессия франшизное предприятие привилегия, льгота to grant a franchise предоставлять франшизу to have a franchise; to hold a franchise иметь франшизу to withdraw a franchise лишать франшизы nominee shareholder ombudsman омбудсмен, уполномоченный по рассмотрению Read more…

Business Law II DSST #2

Fungible Being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind. Bona Fide “In good faith”. Warranty of Title Automatic and guarantees the title is legally owned by the seller, free of lien, and good Read more…

Business Law Exam 2-Contracts

Contracts A promise that the law will enforce. Consists of: Offer, Acceptance, Consideration, legality, capacity (adults with a sound mind), consent, writing Bilateral Contracts both parties make a promise (to do something) to each other Unilateral Contracts One party makes a promise to the other that the pther party can Read more…

Business Law 1 Chapter 9 Vocab

Age of Majority to Contract Age at which a person can be legally bound to contracts. Contractual Capacity Ability to understand that a contract is being made and its general meaning. Disaffirmance Both parties to a contract return the consideration. Emancipation Severing the child-parent relationship. Intoxication Mental impairment caused by Read more…

Business Law

Definition of Law Requires we do not do our worst Built on ethical foundation Ethical Aspiration Ethics is above the law Case about son and mom leaving to Mexico Our national past time is Sueing Deep Pockets Theory If I have been injured or harmed I get money back for Read more…

Business law 3: Key verbs

indemnify гарантировать возмещение вреда, ущерба; возмещать вред, ущерб, убыток undertake предпринимать, браться, ручаться adjudicate признать, установить, решить, объявить (в судебном порядке) рассмотреть спор, разрешить дело, вынести судебное решение или приговор liquidate ликвидировать определить сумму оплатить entitle давать название давать право; управомочивать; предоставлять правовой титул mediate быть посредником draft составлять проект Read more…

Chapter 1 terms- Business law

Law Enforceable rules of conduct in a society Code Laws grouped into an organized form Common Law law based on current standards or customs of the people Positive Law law based on the dictates of a central political authority Jurisdiction Power of a court to decide a case Equity Basic Read more…

Business Law CLEP/DSST Extensive

Securites Act of 1933 Created to regulate the securities market. Securities and Exchange Act of 1934 Created the SEC. Securities Exchange Commission SEC. Regulates the securities market. Common Stock Right of ownership with voting privileges. Preferred Stock Ownership with fixed dividends but not always voting rights. Stockholders Do not need Read more…

Business Law I: Chapters 1-9

Chapter #1 Law Protect persons and property through rules/principles and dispute resolution mechanisms. Business Law Rules governing commercial relationships, including the enforcement of rights. Breach of Contract Failure to comply with a contractual promise. Contract Law Rules that make agreements binding and therefore facilitate planning and enforcement of expectations. Litigation Read more…

MFT – Business Law

Torts private civil wrongs against persons or property for which the victim can bring a civil lawsuit Assault – Battery – Threat of harm that arouses a reasonable apprehension of imminent battery intentional, harmful touching of another without consent False Imprisonment – Defamation – intentional confinement of another for a Read more…

Business Law text and cases Chapter 2 Vocab

Judicial review process of determining whether laws or actions of other two branches are constitutional (checks and balances) Jurisdiction the official power to make legal decisions and judgments; before hearing case court must have jurisdiction over defendant or property involved in suit In personam jurisdiction personal jurisdiction over any person/business Read more…

Business Law Terms

Law A body of enforceable rules governing relationships among individuals and between individuals and society Breach The failure to perform a legal obligation Primary Source of law: A document that establishes the law on a particular issue, such as a constitution, a statute, an administrative rule, or a court decision Read more…

Business Law 13th Ed. Clarkson – Chapter 1

Administrative agency A federal, state, or local government agency established to perform a specific function. Administrative agencies are authorized by legislative acts to make and enforce rules to administer and enforce the acts. Administrative law The body of law created by administrative agencies (in the form of rules, regulations, orders, Read more…

BUSINESS LAW GLOSSARY

Acceptance an agreement to an offer resulting in a contract. Accord and Satisfaction an agreement made and executed in satisfaction of the rights one has from a previous contract. Agent the party appointed by the principal to enter into a contract with a third party on behalf of the principal. Read more…