Flashcards - CSET Business - Business Law

Flashcards - CSET Business - Business Law
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common law system
A common law legal system is characterized by case law developed by judges, courts, and similar tribunals, when giving decisions in individual cases that have precedential effect on future cases
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Price discrimination
Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are transacted at different prices by the same provider in different markets
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monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
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market share
Market share is the percentage of a market accounted for by a specific entity
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agent
Agent is an upcoming stealth action video game developed by Rockstar North
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copyright
Copyright is a legal right created by the law of a country that grants the creator of an original work exclusive rights for its use and distribution
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patent infringement
Patent infringement is the commission of a prohibited act with respect to a patented invention without permission from the patent holder
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patent
A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention
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injunction
An injunction is an equitable remedy in the form of a court order that compels a party to do or refrain from specific acts
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deed
A deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed
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voidable
Voidable, in law, is a transaction or action that is valid but may be annulled by one of the parties to the transaction
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executory contract
An executory contract is a contract that has not yet been fully performed, that is to say, fully executed
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quasi-contract
In common law jurisdictions, the law of quasi-contract can be traced to the medieval form of action known as indebitatus assumpsit
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contract
A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement
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United States Constitution
The United States Constitution is the supreme law of the United States of America
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United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States consisting of two chambers: the Senate and the House of Representatives
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House of Representatives
The United States House of Representatives is one of the two houses of the United States Congress alongside the Senate
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Bill of Rights
The Bill of Rights is the collective name for the first ten amendments to the United States Constitution
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bicameral
A bicameral legislature is one in which the legislators are divided into two separate assemblies, chambers or houses
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law
Law is a system of rules that are enforced through social institutions to govern behavior
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law
Law is a system of rules that are enforced through social institutions to govern behavior
bicameral
A bicameral legislature is one in which the legislators are divided into two separate assemblies, chambers or houses
Bill of Rights
The Bill of Rights is the collective name for the first ten amendments to the United States Constitution
House of Representatives
The United States House of Representatives is one of the two houses of the United States Congress alongside the Senate
United States Congress
The United States Congress is the bicameral legislature of the federal government of the United States consisting of two chambers: the Senate and the House of Representatives
United States Constitution
The United States Constitution is the supreme law of the United States of America
contract
A contract is a voluntary arrangement between two or more parties that is enforceable at law as a binding legal agreement
quasi-contract
In common law jurisdictions, the law of quasi-contract can be traced to the medieval form of action known as indebitatus assumpsit
executory contract
An executory contract is a contract that has not yet been fully performed, that is to say, fully executed
voidable
Voidable, in law, is a transaction or action that is valid but may be annulled by one of the parties to the transaction
deed
A deed is any legal instrument in writing which passes, affirms or confirms an interest, right, or property and that is signed, attested, delivered, and in some jurisdictions, sealed
injunction
An injunction is an equitable remedy in the form of a court order that compels a party to do or refrain from specific acts
patent
A patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of an invention
patent infringement
Patent infringement is the commission of a prohibited act with respect to a patented invention without permission from the patent holder
copyright
Copyright is a legal right created by the law of a country that grants the creator of an original work exclusive rights for its use and distribution
agent
Agent is an upcoming stealth action video game developed by Rockstar North
market share
Market share is the percentage of a market accounted for by a specific entity
monopoly
A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity
Price discrimination
Price discrimination is a microeconomic pricing strategy where identical or largely similar goods or services are transacted at different prices by the same provider in different markets
common law system
A common law legal system is characterized by case law developed by judges, courts, and similar tribunals, when giving decisions in individual cases that have precedential effect on future cases
Business law
Commercial law, also known as business law, is the body of law that applies to the rights, relations, and conduct of persons and businesses engaged in commerce, merchandising, trade, and sales
lease contract
A lease is a contractual arrangement calling for the lessee to pay the lessor for use of an asset
statute of frauds
The statute of frauds refers to the requirement that certain kinds of contracts be memorialized in a writing, signed by the party to be charged, with sufficient content to evidence the contract
Air rights
Air rights are a type of property interest in real estate, referring to the "space" above land on the earth's surface
bundle of rights
The bundle of rights is a common way to explain the complexities of property ownership
voluntary property transfer
A gift, in the law of property, is the voluntary transfer of property from one person to another without full valuable consideration
unregistered trademark
An unregistered or common law trademark is an enforceable mark created by a business or individual to signify or distinguish a product or service
doctrine of respondeat superior
Respondeat superior is a US legal doctrine which states that, in many circumstances, an employer is responsible for the actions of employees performed within the course of their employment
bid rigging
Bid rigging is a form of fraud in which a commercial contract is promised to one party even though for the sake of appearance several other parties also present a bid
Market allocation
Market allocation or market division schemes are agreements in which competitors divide markets among themselves
mergers
Mergers and acquisitions are transactions in which the ownership of companies, other business organizations or their operating units are transferred or combined
statutory law
Statutory law or statute law is written law set down by a body of legislature or by a singular legislator
bankruptcy
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors
commercial speech
Commercial speech is a US legal term relating to speech done on behalf of a company or individual for the intent of making a profit
puffery
In law, puffery is a promotional statement or claim that expresses subjective rather than objective views, which no "reasonable person" would take literally
quitclaim deed
A quitclaim deed is a legal instrument which is used to transfer interest in real property
fair use
Fair use is a US legal doctrine that permits limited use of copyrighted material without acquiring permission from the rights holders
minor
In law, a minor is a person under a certain age-usually the age of majority-which legally demarcates childhood from adulthood
competition
Competition is, in general, a contest or rivalry between two or more organisms, animals, individuals, economic groups or social groups, etc
Laws
The AN/SEQ-3 Laser Weapon System or XN-1 LaWS is a directed-energy weapon developed by the United States Navy

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