Business Law Final Exam
close corporation - taxable as an C corporation, not as a S corporation, owners not liable,
difficult to form, stock in company not publicly traded, exists indefinably, no board required
commercial exploitation - prohibits the unauthorized use of another person's likeness or voice
for business purposes
commercial paper - unsecured promissory note
common law - judge made law, body of all decisions made by judges
communicated (defamation) - statement must be communicated to at least one other person
besides the defendant
comparative negligence - plaintiff may generally recover even if she is partially liable
compensatory damages - intended to restore the plaintiff to the position he was in before he
defendants conduct caused injury
complaint - short statement of the facts alleged by the plaintiff, and his or her legal claims
consequential damages - damages that result from the unique circumstances of the plaintiff
consideration (contracts) - bargaining that leads to an exchange between the parties
contract - promise a court will enforce
,actual malice - defendant knew that that his statement was false and acted with reckless
disregard of the truth
adversary system - system based on the assumption that if the two sides present their best case
before a neutral party, the truth will be established
affirm - to uphold a lower court's ruling
after acquired property - items that the debtor obtains after the parties have made their
security agreement
agreement (contracts) - meeting of minds, offer, terms are definite, acceptance, mirror image
rule
alternative dispute resolution - resolving disputes out of court through formal or informal
processes
annual report - contains detailed financial data
answer - defendants response to the complaint
apparent authority - principal can be liable to third party for agent
appellate courts - generally accept the facts provided by trial courts and review the record for
legal errors
, arbitration - form of ADR in which a neutral third party has the power to impose a binding
decision
assault - an action that causes another person to fear an imminent battery
assignee - person receiving the assignemtn
assignor - person making the assignment
assumption of the risk - person who voluntarily enters a situation of obvious danger cannot
complain if she is injured
attachment - three step process that creates an enforceable security interest; security interest,
secured party has given value to security agreement, debtor has rights in the collateral
automatic stay - safe burrow for the bankrupt
battery - intentional offensive touching
benefits of registering a trademark - even if only used in one state, valid nationally
notifies the public
holder of trademark has right to that domain name
beyond a reasonable doubt - burden of proof in a criminal case
bilateral contract - both parties make a contract
close corporation - taxable as an C corporation, not as a S corporation, owners not liable,
difficult to form, stock in company not publicly traded, exists indefinably, no board required
commercial exploitation - prohibits the unauthorized use of another person's likeness or voice
for business purposes
commercial paper - unsecured promissory note
common law - judge made law, body of all decisions made by judges
communicated (defamation) - statement must be communicated to at least one other person
besides the defendant
comparative negligence - plaintiff may generally recover even if she is partially liable
compensatory damages - intended to restore the plaintiff to the position he was in before he
defendants conduct caused injury
complaint - short statement of the facts alleged by the plaintiff, and his or her legal claims
consequential damages - damages that result from the unique circumstances of the plaintiff
consideration (contracts) - bargaining that leads to an exchange between the parties
contract - promise a court will enforce
,actual malice - defendant knew that that his statement was false and acted with reckless
disregard of the truth
adversary system - system based on the assumption that if the two sides present their best case
before a neutral party, the truth will be established
affirm - to uphold a lower court's ruling
after acquired property - items that the debtor obtains after the parties have made their
security agreement
agreement (contracts) - meeting of minds, offer, terms are definite, acceptance, mirror image
rule
alternative dispute resolution - resolving disputes out of court through formal or informal
processes
annual report - contains detailed financial data
answer - defendants response to the complaint
apparent authority - principal can be liable to third party for agent
appellate courts - generally accept the facts provided by trial courts and review the record for
legal errors
, arbitration - form of ADR in which a neutral third party has the power to impose a binding
decision
assault - an action that causes another person to fear an imminent battery
assignee - person receiving the assignemtn
assignor - person making the assignment
assumption of the risk - person who voluntarily enters a situation of obvious danger cannot
complain if she is injured
attachment - three step process that creates an enforceable security interest; security interest,
secured party has given value to security agreement, debtor has rights in the collateral
automatic stay - safe burrow for the bankrupt
battery - intentional offensive touching
benefits of registering a trademark - even if only used in one state, valid nationally
notifies the public
holder of trademark has right to that domain name
beyond a reasonable doubt - burden of proof in a criminal case
bilateral contract - both parties make a contract
