business law
Terms
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- fraud
- the making of a false statement of a past or existing fact, with knowledge of its falsity or with recless indifference as to its truth
- contract
- a binding agreement based upon the genuine assent of the parties, between competent parties
- detrimental reliance
- define later
- option contract
- a contract to hold an offer to make a contract open for a fixed period of time
- offer
- the expression of an offeror's willingness to enter into a contractual agreement
- tort liability
- a wrongful act for which damages can be sought by the injured party
- pleadings
- the papers filed by the parties in an action in order to set forth the facts and frame the issues to be tried
- choice of law clause
- a clause in an agreement that specifies which law will govern should a dispute arise
- strict liability
- a civil wrong for which there is absolute liability because of the inherent danger in the underlying activity
- executory contract
- an agreement by which something remains to be done by one or both parties
- bilateral contract
- an agreement under which one promise is given in exchange for another
- the reasonable person
- define later
- causation
- the action of causing and effect
- summary jury trial
- a mock or dryrun trial for parties to get a feel for how their cases will play to a jury
- directed verdict
- define later
- revocation
- define later
- execution
- the carrying out of a judgment of a court generally directing that property owned by the defendant be sold and the proceeds first be used to pay the execution or judgment creditor
- negligence
- the falure to exercise due care under the circumstances which results in harm proximately caused to one owed a duty to exercise due care
- quasi-contract
- a court-imposed obligation to prevent unjust enrichment in the absence of a contract
- arbitration
- the settlement of disputed questions, whether of law or fact, by one or more arbitrators by whose decision the parties agree to be bound; increasingly used as a procedure for labor dispute settlement
- directed verdict
- a verdict handed down by a judge in a trial without consideration of the jury because the facts presented and the applicable law left no question as to the outcome necessary in the case.
- implied contract
- an agreement which is found to exist based on the circumstances when to deny a contract would be unfair and or result in unjust enrichments to one of the parties.
- defamation
- an untrue statement by one party about another to a third party
- declaratrory judgment
- define later
- assumption of risk
- denfense to tort of negligence that established voluntary conduct of plaintiff that resulted in accident or harm;
- counteroffer
- a proposal by an offeree to the offeror that changes the terms of and thus rejects the original offer