acceptance | The second party's unqualified willingness to go along with the first party's proposal
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accord and satisfaction | A legal way to settle contractual disputes by which one party agrees to accept less than the amount due as full payment
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actual authority | The real power a principal gives to an agent
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actual notice | A formal notice given directly to a party, usually using certified mail with a receipt
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adhesion contract | A take-it-or-leave-it offer made by a party who holds most of the power in a bargaining session
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administrative law | The body of rules created by government agencies
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adultery | When one spouse has sexual relations with someone outside of marriage
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affinity | Related by marriage
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agency | A type of working relationship in which one person represents another person in a business transaction with a third party
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agency by estoppel | When the principal's actions lead the third party to believe that the agent is working for the principal
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agent | The person who has been authorized to do the work
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agent's agent | An agent who is appointed by another agent without the principal's authority to do so
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alimony | An allowance for support paid to one person by the former spouse in a divorce
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alternative dispute resolution (ADR) | Parties try to resolve disagreements outside of the usual court system, by mediation, arbitration, conciliation, and negotiation
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annual percentage rate (APR) | The true interest rate of a loan
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annulment | A declaration by the court that a marriage was never valid
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apparent authority | Authority that a third party believes an agent has while acting on behalf of the principal
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appellate court | The U.S. courts of appeals in the federal system; hears appeals and reviews cases from the lower courts
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arraignment | A formal hearing during which the defendant is read the indictment or information and is asked to plead guilty or not guilty
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arrest | Occurs when a person is legally deprived of his or her freedom
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articles of incorporation | A legal document filed with the state to establish a corporation
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assault | Attempt to commit a battery
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asset acquisition | When one corporation agrees to purchase the assets, such as property, buildings, and equipment, of a second corporation
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assignment | The transfer of a right under contract
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assignment | The transfer of a right under contract
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assumption of risk | A defense against negligence that is raised when the plaintiff knew of the risk and still took the chance of being injured
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bail | Money or other property that is left with the court to assure that a person who has been arrested, but released, will return to trial
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bailment | The transfer of possession and control of personal property to another with the intent that the same property will be returned later
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bankruptcy | The legal process by which a debtor can make a fresh start through the sale of assets to pay off creditors
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battery | The unlawful touching of another person
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beneficiary | The person named in an insurance policy to receive the proceeds of the policy
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bigamy | The illegal act of having two spouses at the same time
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bilateral contract | A contract that contains two promises: one party promises to do something in exchange for the other's promise to do something else
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bill of sale | Formal evidence of ownership
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breach of contract | When one party to a contract fails to perform the duties spelled out by the contract
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burglary | Breaking and entering a house or other structure to commit a felony
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capacity | The legal ability to enter into a contract
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carrier | A business that transports persons, goods, or both
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certificate of incorporation | A corporation's official authorization to do business in a state
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Chapter 11 bankruptcy | A type of bankruptcy that allows businesses to reorganize their financial affairs and still remain in business
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Chapter 12 bankruptcy | A form of bankruptcy that lets family farmers and fishing businesses create a plan for debt repayment that allows them to keep their operations running
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Chapter 13 bankruptcy | A form of bankruptcy that permits individual debtors to reorganize their debts and develop payment plans
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Chapter 7 bankruptcy | A type of bankruptcy that allows individual debtors to discharge all their debts and make a fresh start; ordinary bankruptcy
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collateral | The property that is offered as a security interest
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collective bargaining | A process in which union and management representatives get together to work out issues such as wages, working conditions, and hiring and firing policies
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Commerce Clause | A statement in Article I of the Constitution giving Congress the power to regulate commerce among the states
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common carrier | A carrier that is compensated for providing transportation to the general public
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common law | A set of laws made by the courts that provide a series of consistent rules that later courts must follow
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common-law marriage | An informal type of marriage created by the parties themselves
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comparative negligence | A defense against negligence which is raised when the carelessness of each party is compared to the carelessness of the other party
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compensation | Fair payment for the job performed
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conglomerate | A corporation that owns many different types of companies
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consanguinity | Related by blood
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consideration | The exchange of benefits and detriments by the parties to a contract
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consolidation | When two or more companies join together to form a new corporation
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constitution | A country's formal document that spells out the principles by which its government operates
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Consumer Credit Protection Act | A federal law that requires creditors to inform consumers of the costs and terms of credit; Truth in Lending Act
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contract | Any agreement enforceable by law
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contributory negligence | A defense against negligence when the defendant can show the victim did something to help cause his or her own injuries
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copyright | A right granted to an author, composer, photographer, or artist to publish and sell an artistic or literary work
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corporate director | A person elected by shareholders to make broad policy decisions in the running of a corporation
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corporate officer | A person chosen by the directors to run the day-to-day affairs of a corporation
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corporation | An entity with a legal authority to act as a single person distinct from its owners
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counteroffer | A response to an offer in which the terms of the original offer are changed
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credit | An arrangement in which one may receive cash, goods, or services now and pay in the future
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creditor | The party who sells the goods on credit or lends the money
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crime | An offense committed against the public good, or society
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cyberblackmail | The use of information unlawfully obtained by computer to pressure a victim into granting a payoff to the blackmailer
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cybercrime | Any criminal activity associated with a computer
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cyberdefamation | The communication via computer or other electronic device of false data that damages a person's reputation
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cyberinvasion of privacy | An unwelcome intrusion into the private matters of an individual carried out or sustained by a computer
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cyberlaw | The area of law that concerns computer and computer-related crimes
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cyberpiracy | A crime that involves using a computer to steal computer data stored in a digital formal
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cyberspoofing | A crime in which a cybercriminal falsely adopts the identity of another computer user or creates a false identity on a computer Web site in order to commit fraud
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cybertort | The invasion, theft, falsification, misuse, or deletion of data stored in a computer
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cybertrespass | Any illegal activity already in the criminal code committed by using a computer
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cybervandalism | Disrupting, damaging, or destroying a Web site or computer network
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damages | Payment recovered in court by a person who has suffered an injury
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debtor | The party who buys the goods on credit or borrows money
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deed | A written instrument that transfers title of ownership of property
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default | A failure in making timely payments on a loan
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defendant | A person who is accused of a crime
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delegation | Transferring of a duty under a contract
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derivative suit | A lawsuit a shareholder can bring on behalf of the corporation to correct an injury to the corporation
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detention hearing | A court session during which the judge tries to learn whether there are good reasons to keep an accused juvenile in custody
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digital signature | An encoded message that appears at the end of a contract created online
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direct suit | A lawsuit a shareholder can bring against a corporation for denying his or her rights as a shareholder
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disaffirm | To show the intent not to live up to a contract
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discharge by agreement | The act of ending contracts by mutual agreement
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discrimination | The unequal treatment of individuals based on sex, age, race, nationality, or religion
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disparate impact | When an employer has an employment policy that appears neutral on its surface, but has an unfair impact on members of a protected class
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disparate treatment | When an employer intentionally discriminates against an individual or a group of individuals belonging to a protected class
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dissociation | When a partner is no longer associated with a firm
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dissolution | The breakup of a partnership or any legal entity
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divorce | A declaration by the court that a valid marriage has come to an end; sometimes called dissolution of marriage
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domain name | The Internet address of a business
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double representation | When an agent works simultaneously for two competing principals
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draft | An order to a third party to pay money
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drawee | The person to whom an order is given to pay money in a draft
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drawer | The person who orders money to be paid in a draft
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duress | The act of destroying somebody's free will by force, threat of force, or bodily harm
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easement | An irrevocable right to the limited use of another's land
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e-commerce (electronic commerce) | The process of conducting business using electronic means, especially the Internet
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electronic fund transfer (EFT) | A computerized system for transferring funds electronically rather than by writing checks
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emancipation | Freeing someone from the control of another; especially a parent's relinquishing authority and control over a minor child
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eminent domain | The right of the government to take private land for a public purpose
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employment-at-will | Based on the principle that each party should be free to end the employment relationship at any time without penalty
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Environmental Protection Agency (EPA) | The federal agency responsible for protecting the environment
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Equal Credit Opportunity Act (ECOA) | Makes it illegal for banks and businesses to discriminate against credit applicants on the basis of their gender, race, marital status, national origin, religion, age, or because they get public assistance income
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equal pay rule | A standard that states that employers working in interstate commerce must pay women the same rate of pay as men holding the same type of job
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estate& | The interest or right that a person has in real property
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ethics | The rules used to determine the difference between right and wrong
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eviction | Occurs when a landlord deprives a tenant of the possession of the premises
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executor/executrix | The person named to carry out the terms of a will (executor—male; executrix—female)
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express authority | Comes from the orders, commands, or instructions a principal explicitly gives an agent
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express contract | A contract statement that may be oral or written
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express warranty | An oral or written statement, promise, or other representation about the quality of a product
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expropriation | When a government seizes a privately-owned business to be used for a public service
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Fair Credit Billing Act | Requires creditors to correct billing errors brought to their attention
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Fair Credit Reporting Act | A federal law that grants people the right to know what is contained in their credit reports
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Fair Debt Collection Practices Act (FDCPA) | Prohibits certain practices by debt collectors
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Federal Energy Regulatory Commission (FERC) | Part of the Department of Energy, this agency regulates electricity and natural gas
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felony | A major crime
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fiduciary relationship | A relationship based on trust
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finance charge | The cost of the loan in dollars and cents
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firm offer | A merchant's written promise to hold an offer open for the sale or lease of goods
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fixtures | Items of personal property attached in such a way that they become real property
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forbearance | The act of not doing what you have the right to do
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forgery | The fraudulent making or material alteration of a writing
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franchise | A license a company grants to a business or individual for the right to use its name and sell its products or services
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fraud | A deliberate deception intended to secure an unfair and unlawful gain
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full warranty | An assurance that a defective product will be repaired or replaced without charge within a reasonable time
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garnishment | The legal procedure through which a worker's earnings are withheld for payment of a debt
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general agent | An agent who has authority to perform any act within the scope of a business
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genuine agreement | An agreement that is true and genuine: a valid offer is met by a valid acceptance
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gratuitous bailment | A bailment for the sole benefit of the bailor
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holder | A person who possesses a negotiable instrument payable to “the order of” the person holding it or to “bearer”
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holder in due course | A holder who takes an instrument for value, in good faith, and without notice that the instrument is defective
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identity theft | Using a computer to steal financial, employment, educational, medical, and personal data
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implied authority | Additional authority that allows an agent to perform reasonable acts necessary to carry out the express authority
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implied contract | A contract that comes about from the actions of the parties; a contract that exists when an employer has said, written, or done something to lead an employee to reasonably believe that he or she is not an at-will employee
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implied contract | A contract that comes about from the actions of the parties; a contract that exists when an employer has said, written, or done something to lead an employee to reasonably believe that he or she is not an at-will employee
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implied covenant | A legal argument that holds that any employment relationship is based on an implied promise that the employer and employee will be fair and honest with one another
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implied warranty | A guarantee of quality imposed by law
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impossibility of performance | When one of three situations prevent the performance of a service contract: a death or illness that prevents the performance of a personal service contract; the destruction of the exact subject matter, or the means for performance; and illegality
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indemnification | Payment for losses suffered by an agent because of a principal's instructions
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independent contractor | A person who works for a proprietor to perform a particular task using his or her own tools and deciding the best way to do the job
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indorsement | The act of placing one's signature on an instrument, usually on the back, to transfer it to another
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infraction | A minor offense that is usually punishable with a fine and not with jail time
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injunction | A court order that prevents a party from performing a specific act
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insider trading | When a corporate director or officer buys or sells shares in a corporation based on firsthand information about the corporation that is not available to the public
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insurable interest | The financial interest a policyholder has in the person or property that is insured
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insurable interest | The financial interest a policyholder has in the person or property that is insured
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insurance | An agreement in which one party (the insurer) compensates another party (the insured) for any losses
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intellectual property | An original work fixed in a tangible medium of expression
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intentional tort | Actions that hurt, embarrass, or scare other people
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interest | A fee charged by creditors for lending money or extending credit
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intestate | To be without a will
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invitations to negotiate | Invitations to deal, trade, or make an offer
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involuntary bankruptcy | When creditors begin the proceeding instead of the debtor
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joint liability | Liability shared by two or more people
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jurisdiction | A court's power to hear a case and make a judgment
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justice | Treating people fairly and equally
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larceny | The unlawful taking of someone's personal property with the intent to keep the property away from that person
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law | A system of rules of conduct established by a country's government to maintain stability and justice according to the values that are relevant to that country
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lease | The contract between a tenant and a landlord
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lessee | The tenant in a lease
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lessor | The landlord in a lease
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license | A temporary, revocable right to the limited use of another's land
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lien | A legal claim against another person's property as a security for a debt or loan to ensure it will be paid
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limited liability company (LLC) | An entity with the legal authority to act as a single person distinct from its owners and combines the best features of a partnership and a corporation
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limited liability partnership (LLP) | A registered partnership in which each partner is not liable for the acts of the other partners
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limited partnership | A partnership formed by two or more persons, with one or more general partners and one or more limited partners
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limited warranty | Any written warranty that does not meet the requirements of a full warranty
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majority | The status of reaching the age of adulthood, 18 in most states
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maker | The person who promises to pay money in a note
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manslaughter | Voluntary or involuntary killing of another person without intending to do so
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marriage | Defined by most states and the federal government as the legal union of one man and one woman as husband and wife
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merger | When two companies join together, with one company keeping its corporate identity and the other company losing its corporate identity
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minor | A person who has not yet reached the age of adulthood
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mirror image rule | The terms stated in the acceptance must exactly mirror or match the terms of the offer
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misdemeanor | A less-serious crime
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monopoly | A business situation in which one person, company, or group of companies controls the market for a product or service
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morality | The values that govern a group's ideas about right and wrong
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murder | The intentional killing of another person
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mutual benefit bailment | A bailment in which both the bailor and bailee receive benefits
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negligence | A tort that results when one person carelessly injures another
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negotiable instrument | A written document giving legal rights that may be passed to others by endorsement or delivery; commercial paper
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negotiation | The transfer of an agreement in such a way that the transferee becomes a holder
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no-fault divorce | A divorce granted without either party having to prove the other party guilty of misconduct
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nondelegable duty | A duty that cannot be delegated, or transferred, to another party
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note | A written promise to pay money; promissory note
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notice by publication | Notice usually given by publishing a notice in a local newspaper
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Nuclear Regulatory Commission (NRC) | Part of the Department of Energy, this agency regulates nuclear energy
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Occupational Safety and Health Administration (OSHA) | The federal government agency that regulates health and safety standards for companies in the United States
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offer | A proposal by one party to another intended to create a legally binding agreement
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partnership | An association of two or more persons to carry on as co-owners of a business for profit
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patent | A grant giving an inventor the exclusive right to make, use, or sell an invention for a period set by Congress
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payee | The person to whom the promise is made in a note
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pension plan | A program established by an employer or a union to provide income to employees after they retire
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personal property | Everything, other than real property, that can be owned
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plaintiff | The party that accuses a person of a crime
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polygamy | The illegal act of having more than two spouses at the same time
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power of attorney | Any writing granting someone authority to act as an agent
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premium | The amount of money an insured pays for insurance coverage
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prenuptial agreement | A written and signed legal contract couples make before getting married dealing with property and support issues
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principal | The person who authorizes someone to represent his or her interests
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probate | The process of validating and executing a will
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promissory estoppel | The principle that a promise made without consideration may nonetheless be enforced to prevent injustice
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prosecutor | The government official who brings the case against the defendant
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prospectus | A document that contains a detailed explanation of the stock offering for potential investors
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proximate cause | When the link between negligent conduct and injury is strong enough to be recognized by the law
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public policy | A legal principle that holds that nobody should be allowed to do something that harms the public
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public policy | A legal principle that holds that nobody should be allowed to do something that harms the public
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punitive damages | Money payments for damages that go beyond what the innocent party actually lost and that are designed to punish the wrongdoer
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ratification | The act of agreeing to go along with a contract that could have been avoided
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real property | The ground and everything permanently attached to it
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registration statement | A general description of the securities and of the company making the offer
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reimbursement | Payment for money spent by an agent on behalf of a principal
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rejection | A refusal of an offer by the offeree that brings the offer to an end
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remedy | A legal means of enforcing a right or correcting a wrong
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repossession | When a creditor reclaims property on which it has a lien if the debtor does not make payment
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respondeat superior | A legal doctrine that holds that the master is responsible for the torts of his or her servants
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revocation | The taking back of an offer by the offeror
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risk of loss | The responsibility for loss or damage to goods
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robbery | The wrongful taking of someone's property by threatening or using violence
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secured loan | A loan which is backed up by property that the creditor can take if the loan is not repaid
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security | A monetary investment that seeks to make a profit solely because of another's efforts
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security interest | A creditor's right to use collateral to recover a debt
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self-dealing | When agents make deals that benefit themselves rather than their principal
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share | A single unit of ownership in a corporation
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shareholder | An individual who owns shares of a corporation
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Social Security | A government program that provides continuing income to workers and their dependents when their earnings stop or are reduced because of retirement, disability, or death
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sole proprietorship & | A form of business that is owned and operated by one person
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special agent | An agent whose authority is restricted to accomplishing only a specific job or purpose; limited agent
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special bailmentí | A bailment for the sole benefit of the bailee
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statute | A law passed by a government body that has been made for the purpose of creating laws
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Statute of Frauds | A state law that requires that certain contracts be in writing so that there is evidence that the contract exists and that it has certain definitive terms
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statute of limitations | Establishes a time limit for suing in a civil case, based on the date when the breach occurred or was discovered
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stock acquisition | When an individual or a corporation buys enough shares of stock in another corporation to take over control of it
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straight life insurance | Life insurance that requires the payment of premiums until the face value is reached or the insured is deceased; also called ordinary life or whole life
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strict liability | A legal doctrine that says some activities are so dangerous that liability will always follow any injury that results from those activities
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subagent | An agent lawfully appointed by another agent
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sublease | The transfer of part of the term of a lease, but not the remainder of it, to someone else
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substantial performance | A situation in which a party has, in good faith, completed the major requirements of a contract, leaving only a few minor details unfinished
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tenancy | An interest in the real estate they lease; leasehold estate
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tender | An offer to do what you have agreed to do under a contract
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term life insurance | Life insurance issued for a particular period, usually five or ten years
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testamentary capacity | The mental ability (being of sound mind) to create a will
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testamentary intent | The intention that the document is meant to be a last will and testament
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testator/testatrix | A person who dies with a will (testator—male; testatrix—female)
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third party | The person with whom the agent does business on behalf of the principal
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title | The right of ownership to goods
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tort | A private wrong committed by one person against another
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tortfeasor | A person who commits a tort
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trademark | A distinctive mark, symbol, or slogan used by a business to identify and distinguish its goods or services
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trust | A legal device by which property is held by one person for the benefit of another
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trustee | A person who holds title to the property for another's benefit
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unconscionable contract | An agreement in which the consideration is so out of line with the actual value of the subject matter and so unfair that shocks the court's conscience
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undue influence | An action or series of overly persuasive actions that make inappropriate use of one person's position of power over another person to create an agreement that is very favorable to the person with all the power
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unemployment compensation | A system of government payments to people who are out of work and looking for a job
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Uniform Commercial Code (UCC) | A collection of laws that governs various types of business transactions
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unilateral contract | A contract that contains a promise by only one person to do something, if and when the other party performs some act
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union | An organization of employees formed to promote the welfare of its members
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unlimited liability | A legal duty placed on a business owner that requires the owner to be responsible for all losses experienced by the business
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usury law & | A law restricting the amount of interest that can be charged
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vandalism | Willful or malicious damage to property
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voidable title | A title that may be canceled if the injured party chooses to do so
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voluntary bankruptcy | When a debtor files for bankruptcy to eliminate or reduce the burden of debt
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warrantyí | A guarantee, usually by a seller to a buyer, that a product will perform as promised
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warranty of fitness for a particular purpose | An implied warranty that goods will be fit for a specific use
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warranty of merchantability | An implied warranty that goods are fit for the ordinary purpose for which the goods are sold
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will | A document that is signed during your lifetime that provides for the distribution of your property upon death
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workers' compensation | An insurance program that provides income for workers who are injured on the job or develop a disability or disease as a result of their job
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