WGU C713 Definitions Business Law exam questions and answers 2024

Acceptance. the expression of assent to the terms of an offer. Acceptance must generally be made in the manner specified by the offer. Actual cause (causation in fact). actual cause refers to a cause or factor without which the event could not have occurred. It is also termed as "but for cause" or "cause in fact" or "factual cause." Administrative agencies. governmental units, either state or federal, that have specialized expertise and authority over some area of the economy Administrative law. governs the creation and operation of administrative agencies Affirmative action. an action or policy favoring those who tend to suffer from discrimination, especially in relation to employment or education; positive discrimination. Age discrimination in employment act of 1967 (adea). a US labor law that forbids employment discrimination against anyone at least 40 years of age in the United States Agency coupled with an interest. an agent who has possession or control of the property of his principal and possesses a legal right against interference by third parties Agency law. an area of commercial law dealing with relationships that involve a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party Agency relationship. a relationship that involves a person, called the agent, that is authorized to act on behalf of another (called the principal) to create legal relations with a third party Agent. one who agrees and is authorized to act on behalf of another, a principal, to legally bind an individual in particular business transactions with third parties pursuant to an agency relationship Alternative dispute resolution (adr). encompasses many different methods of dispute resolution other than litigation or trial Americans with disabilities amendments act of 2008 (adaa). an act of Congress that overturns a series of Supreme Court decisions that interpreted the Americans with Disabilities Act of 1990 in a way that made it difficult to prove that an impairment is a "disability" Apparent agency. conduct by an agent that causes another party to believe the agent is authorized to conduct business on behalf of a principal, whether or not that is the case Apparent authority. when a reasonable third party would understand that an agent had authority to act, whether or not that is the case Article 2. UCC Article 2 applies to transactions of goods; it does not apply to any transaction which, although in the form of an unconditional contract to sell or present sale, is intended to operate only as a security transaction. This Article does not impair or repeal any statute regulating sales to consumers, farmers, or other specified classes of buyers. Article 2a applies to any transaction, regardless of form, that creates a lease. Articles of incorporation. a document necessary to register a corporation with a state and acts as a charter to recognize the establishment of a corporation. The document outlines the basic information needed to form a corporation, the governance of a corporation, and the corporate statutes in the state where the articles of incorporation is filed. Articles of organization. a formal legal document used to establish a limited liability company (LLC) at the state level Articles of partnership. also known as partnership agreement, a voluntary contract (typically written) in which two or more persons decide to conduct business together and share profits and losses. Assault. the intentional creation of an immediate apprehension of a harmful or offensive touching Assumption of risk. occurs when a person who enters voluntarily into a situation anyway knowing that it could be dangerous At-will employee. an employee that can be dismissed by an employer for any reason (that is, without having to establish "just cause" for termination), and without warning, as long as the reason is not illegal (e.g., firing because of the employee's race or religion) Attractive nuisance. a dangerous condition which is likely to attract children on someone's property Bargaining power. the relative power of a party with respect to another party or parties that influences abilities to set agendas, influence outcomes, and negotiate terms during bargaining Battery. a physical act that results in a harmful or offensive contact Bilateral contract. a reciprocal arrangement between two parties by which each promises to perform an act in exchange for the other party's act. Bona fide occupational qualification (bfoq). employment qualifications that employers are allowed to consider while making decisions about hiring and retention of employees. The qualification should relate to an essential job duty and is considered necessary for operation of the particular business. Breach of contract. the act of breaking the terms set out in a contract. Breach of the duty of due care. any act that fails to meet a standard of the person's duty of due care toward others. The standard is usually described as the standard of behavior that is expected of a hypothetical "reasonable person" under the circumstances. Certain professionals, however, may be held to a higher standard than the ordinary person. Burden of proof. in a criminal trial, the burden of proof requires the prosecutor to prove the guilt of the accused "beyond a reasonable doubt" Buy/sell agreement. an agreement between partners to value and sell a partner's portion of the business in the event a partner withdraws or dies. C-corporation. C-corporations are an alternative to S-corporations, where profits pass through to owners and are only taxed at the individual level, and limited liability companies, which provide the legal protections of corporations but are taxed like sole proprietorships. Capacity. the ability, capability, or fitness to do something; a legal right, power, or competency to perform some act. Case law. law based on judicial opinions (including decisions that interpret statutes), as opposed to law based on statutes, regulations, or other sources. Circumstantial evidence. known as indirect evidence. It is distinguished from