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Glossary of Business Law for McCabe Exam II

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The primary document that evidences corporate existence.
Certificate of incorporation
The basic document filed with a designated state official by which a limited partnership is formed.
Certificate of limited partnership
In limited partnership, a partner who assumes responsibility for the management of the partnership and liability for all partnership debts.
General partner
A joint undertaking of a specific commercial enterprise by an association of persons.
Joint venture
A corporation that has met certain requirements as set out by the Internal Revenue Code and thus qualifies for special income tax treatment.
S corporation
The simplest form of business, in which the owners is the business; the owner reports business income on his or her personal income tax return and is legally responsible for all debts and obligations incurred by the business.
Sole proprietorship
In contract law, the offeree’s notification to the offeror that is the offeree agrees to bound by the terms of the offeror’s proposal.
Acceptance
A meeting of the minds in regard to the terms of a contract.
Agreement
The failure, without legal excuse, of a promisor to perform the obligations of a contract.
Breach of contract
An agreement that can be enforced in court; formed by two or more parties, each of whom agrees to perform or to refrain from performing some act now or in the future.
Contract
An offeree’s response to an offer in which the offeree rejects the original offer and at the same time makes a new offer.
Counteroffer
Any misrepresentation, either by misstatement or omission of a material fact, knowingly made with the intention of deceiving another and on which a reasonable person would and does rely to his or her detriment.
Fraudulent Misrepresentation
Knowingly and voluntary assent to the terms of a contract.
Genuineness of Assent
A rule providing that an acceptance of an offer becomes effective on dispatch, if mail is expressly or impliedly, an authorized means of communication of acceptance to the offeror.
Mailbox rule
An agreement between the parties to cancel their contract, releasing the parties from further obligations under the contract. The object of the agreement is to restore the parties to the positions they would have occupied had no contract ever been formed
Mutual rescission
An act done before the contract is made, which ordinarily, by itself, cannot be a consideration for a later promise to pay for the act.
Past Consideration
A fictional contract imposed on parties by a court in the interests of fairness and justice.
Quasi contract
A state statute under which certain types of contracts must be in writing to be enforceable.
Statute of Frauds
One for whose benefit a promise is made in a contract but who is not a party to the contract.
Third party beneficiary
The exclusive rights of authors to publish, print, or sell an intellectual production for a statutory period of time.
Copyright
A trademark in cyberspace.
Cyber mark
Property resulting from intellectual, creative processes.
Intellectual property
A term that is used to indicate part or all of a business’s name and that is directly related to the business’s reputation and goodwill.
Trade name
A distinctive mark, motto, device, or implement that a manufacturer stamps, prints, or otherwise affixes to the goods it produces so that they may be identified on the market and their origins made known.
Trademark
A principal whose identity is known to a third party at the time the agent makes a contract with the third party.
Disclosed principle
The lowest wage, either by government regulation or union contract, that an employer may pay an hourly worker.
Minimum wage
State statues establishing an administrative procedure for compensating workers’ injuries that arise out of or in the course of their employment, regardless of fault.
Workers’ compensation laws
Job-hiring and admissions policies that give special consideration to members of protected classes in an effort to overcome present effects of past discrimination.
Affirmative action
Identifiable characteristics reasonably necessary to the normal operation of a particular business.
Bona fide occupational qualification (BFOQ)
In regard to employment relationships, a system in which those who have worked longest for the company are first in line for promotions, salary increases, and other benefits; they are also the last to be laid off if the work force must be reduced.
Seniority system

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