Intro To Business Final

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  1. The branch of government chosen to oversee the legal system through the court system
  2. The rules, statuses, codes, and regulations that provide a legal framework for the conduct of business and that are enforceable by court actions.
    business law
  3. state and federal constiutions, legislative, enactments, treaties of the federal gov, and ordinances, in short, written law
    Statutory Law
  4. The body of law that comes from decisions handed down by courts; also refereed to unwritten law
    Common Law
  5. Decisions judges have made in ealier cases that guide the handling of new cases
  6. Federal or state instatutions given power to by congress or state legislatures to makes ryles and regulations within their area of authority
    Administrative agencies
  7. A wrongful act that causes injury to another persons body property or reputation.
  8. Behavior that causes unintentional harm or injury
  9. Part of tort law that holds business liable for harm that results from the production, design, or use of the products they market.
    product liability
  10. Legal responsibility for harm or injury caused by a product regardless of fault.
    strict product liability
  11. A document that gives investors exclusive rights to their inventions for 20 years.
  12. when someone files for a similar patent, the inventor surfaces to claim the patent
    submarine patent
  13. a document that protects a creators rights to materials such as books, articles, photos, paintings, and cartoons
  14. A comprehensive commercial law, adopted by every state that covers sales laws and other commercial laws.
    Uniform Commercial Code (UCC)
  15. specific representations by the seller that buyers rely on regarding the goods they purchase
    express warranties
  16. garuntees legally imposed on the seller
    implied warranties
  17. Forms of commercial paper that are transferable among business and individuals and represent a promise to pay a specified amount
    negotiable instraments
  18. A legally enforceable agreement between two or more parties.
  19. set of laws that specify what constitutes a legally enforceable agreement.
    contract law
  20. Something of value, consideration is one of the requirements of a legal contract
  21. When one party fails to follow the terms of a contract
    Breach of contract
  22. the monetary settlement awarded to a person who is injured by a breach of contract.
  23. prevents large organizations from stifling the competitions of smaller or newer firms. 
    forbids (1) contacts, combinations, or conspiracies in restraint of trade, and (2) the creation of actual monopolies or attempts to monoploize any part of trade or comerce
    Sherman Antitrust Act of 1890
  24. a social movement that seeks to increase and strengthen the rights and powers of buyers in relation to sellers
  25. The legal process by which a person business or gov entity unable to bay its financial obligations is relvied of those obligations by a court that divides any assests amoung creditors allowing creditors to get at least part of their money and freeing the debtor to begin anew.
  26. Legal procedures in bancruptcy initatied by a debtor
    voluntary bankruptcy
  27. Bankruptcy procedures filled by a debtor's creditors
    involuntary bankruptcy
  28. "straight bankruptcy" or liquidation
    chapter 7
  29. reorganization
    chapter 11
  30. repayment
    chapter 13
  31. Government withdrawal of certain laws and regulations that seem to hinder compiteition
  32. The chance of loss, the degree or probabliliy of loss and the amount of possible loss
  33. A chance of either profit or loss
    speculative risK
  34. the threat of loss with no chance for profit
    pure risk
  35. The practice of setting aside money to cover routine claim and buying only "catastrophe" policies to cover big issues.
  36. A risk that no insureance company will cover
    uninsurable risk
  37. a risk that the typical insurance company will cover
    insurable risk
  38. the possibility of the policy holder to suffer a loss
    insurable interest
  39. A written contract between the insured and insurance company that promises to pay for all or part of a loss.
    insurance policy
  40. The fee charged by an insurance company for an insurance policy
  41. A statement of loss that the insured sends to the insurance company to request repayment.
  42. Principle that if a large number of people are exposed to the same risk, a predictable number of losses will occur during a given period of time.
    law of large numbers
  43. Rule saying that an insured person or org cannot collect more than the actual loss from an insurable risk
    rule of indemnity
  44. A type of insurance owned by stockholders
    stock insurance company
  45. a type of insurance company owned by its policyholders
    mutual insurance company
  46. health care organizations that require members to choose from a restricted list of doctors
    Health Maintenance organization (HMO)
  47. Health care organizations similar to HMOs except that they allow members to choose their own physicians (for a fee)
    Prefered providor organizations (PPOs)
  48. Tax-deferred savings accounts linked to low-cost high-deductable health insurance policies
    Health Savings accounts (HSAs)
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Intro To Business Final
intro to business uco mcdonald final
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