click below
click below
Normal Size Small Size show me how
BUSN-1010 Conroy 18
Chapter 18
Question | Answer |
---|---|
Arbitration | The process in which a neutral third party, an arbitrator, listens to both parties in a dispute and makes a decision that the parties have agreed will be binding on them. (Often retired judges) |
Bankruptcy | The legal means of relief for debtors no longer able to meet their financial obligations. |
Consideration | A promise to do a desired act or refrain from doing an act one is legally entitled to do in return for something of value, such as money. |
Contract | A legally enforceable agreement between two or more parties about a specific matter. It follows, then, that contract law is concerned with what constitutes a legally enforceable agreement. |
Copyright | A document that protects ownership rights for the creators of a literary, musical, dramatic, artistic, scientific, and similar works. |
Mediation | The process in which a neutral third party, a mediator, listens to both sides in a dispute, makes suggestions, and encourages them to agree on a solution. |
Negotiable Instrument | A document representing an unconditional promise to pay that is transferable among individuals and businesses. |
Patent | A document that protects ownership rights for the inventors of machines, manufacturing processes, chemical substances, and similar matters. |
Statutory Laws | Written laws, called statutes, that are created by legislative bodies. |
Taxes | The means by which governments raise revenues. |
Tort | A civil--that is, noncriminal--wrongful act that results in injury to people or property. |