Business law definitions

Business law definitionsBusiness Law Assignment joint law and st are decisisCommon law is both that law that is made by judges. It is initiated by citizens when they file cases in courts. Stare decisis is a term utilisationd in the common land law to mean that decisions made in court cases should be based on previous decisions. It simply means that the decision should stand. It therefore means that in demarcation, this is a principle that chiffonier as received a business person of the ruling of a case that is standardized to the previous. Rulings in business cases are hence made predictable.BailmentIt is where a person delivers his personals to some cardinal else for safety keeping. Bailor is the one delivering lieu while the one receiving is the bailee. It involves delivery of goods to somebody else in trust creating a require both express or implied. The bailee must be go forthing to possess the airplane propeller physically notwithstanding is non entitled to riding h abit it. In business trans flakeions, the bailee has both the duty of care and responsibility to re-deliver the property.Statute of put-onsThis is a requirement that certain deoxidises like sales obligation of goods that exceeds a certain value, land sale or a guarantee of debt be made in writing and then signed to prevent perjury and fraud. dickens sophisticated business toilets may enter into a joint venture say of about 10 years. There are different negotiations that they engage in and one party promises that it will join the negotiations in conviction. In case the party fails to honor the negotiations, the second party (business partner in the venture) can use economy of frauds in a court case as an affirmative defense in bump of an agreed contr bend.Civil law versus criminal lawCivil law allots with disputes between organizations, individuals and between these 2 where compensation is prone to the victim. Criminal law/penal law is a body of common and statutory law and generally deals with crime and punishment of criminal offenses. Civil law is mainly applied in business when there are property disputes like real e secerns and landlord/tenant disputes. Criminal law in business mainly affects those who engage in alcohol intoxication and trafficking in controlled substances. A civil indebtedness arises out of the relations that a business has with the individuals it deals with. Federal and utter courtsFederal courts are the courts established infra U.S. constitution to deal with disputes arising out of constitution and laws that are initiated by congress. On the other hand state courts are established by states and normally cod a broader legal power. State courts are entitled to assigning corporations a merit of contain liability. Since the time of Sherman Act, federal courts buzz off been increasingly regulating the businesses. 1970s cut creation of three bodies by the federal government. These include Consumer Protection Agency, Environ mental Protection Agency (EPA) and occupational Safety and Health Administration (OSHA).Personal jurisdiction, subject matter jurisdiction and venuePersonal jurisdiction refers to the requirement for a court to hear a case over the right parties involved in that case. Subject matter of the case is what has made rise to the case and this is what the court should deal with. On clear up of this, a roper venue should be selected to hear the case. Federal courts pee limited SMJ. A business in dispute with another can only file a case and state the special(prenominal) party in it and the main reason as to why they are filing the case is a requirement from the courts. In such a case, the case can only be heard in the appropriate federal district.Garnishment and executionGarnishment is a legal process through which property or cash owed to a debtor or held by garnishee for the debtor is taken in order to generate the judgment. The most garnished properties are banks and allowance acco unts. Execution of judgment is enforcing a judgment legally through sale and seizing of debtors property. Just in case the garnishee is a bank, loan, savings or credit union, the creditor is hypothetical to produce a blank notice of right to claim exemptions. A business that wants to garnish engage for its employees must first obtain a judgment for the debts. This is because only a certain percentage of wages can be garnished. Garnishment of wages and execution of the same judgment is possible if the debtor in headspring is above poverty line.Mediation, arbitration and accord and satisfactionAssisted communications in any agreement is mediation. Arbitration is the legal process of resolving disputes outside the courts where the parties involved have agreed on it. It is more often than not apply in international moneymaking(prenominal) transactions where business disputes have risen. The third party chosen by the two parties is a neutral one. Accord and satisfaction refers to any purchase to be released from a debt obligation. Payment in such a case will normally be less than owed amount. felicity is the consideration. An example is if a contractor is supposed to construct a building worth $6,000. The proprietor of the preindication after construction claims that inferior work lead to a building that did not match the pay back to the constructor. A mutual settlement agreement of $4,000 is paid as full payment. This is a new contract created through offer, acceptance and consideration. Consideration is $2,000.Intentional torts, negligence and strict liability in tortA tort is a civil wrong. An knowing tort is a wrong that a suspect should have known or even knew that it would occur through their inactions and actions. Negligence torts will occur where the actions of a def shoemakers lastant are termed reasonable unsafe. Strict liability torts occur when an action causes damage, like in cases where a proprietor manufactures and sells a defective produ ct. State law provides for the employer to compensate an employee injured in the job (strict liability). Intentional torts have damages that are broader than those in negligent torts. In business transactions, a difference arises between the intentional and negligent tort because the plaintiff must prove that defendant acted with intent.Requirements for an enforceable contractFor a contract to be valid in a court of law whether its verbal or in writing, it has several(prenominal) requirements. An enforceable contract must have an offer, consideration and acceptance. Other requirements for an enforceable contract may overly include consent, competence and legality. In any business contract, there must be a proposed deal which may remain open until the day the other party rejects, accepts or retracts it. A contract is voidable if it has got no acknowledgement and a bargained benefit. There are many business agreements entirely all those that hand over no consideration or any of th e requirements as outlined in business law are not contracts.The purpose of the uniform commercial code and its application to contract lawThe uniform commercial code is a body of legislation enacted so that the sale of goods and interstate commercial transactions can be facilitated in U.S. its essential elements normally address commercial transactions. This is unremarkably in a undivided uniform code. Different states may apply UCC differently. It does apply to contracts in the sale of goods in different manners. In any commercial setting, any sale of movable goods requires the application of UCC. Sale of goods that require application of UCC usually involves a merchant.Click-Wrap Agreements and the electronic hints in global and national commerce actClick-Wrap agreement is a common form of agreement that allows any user to go through the terms of agreements before acceptance. An electronic signature is any electronic sound, process or symbol associated and attached to a contra ct or leger and is generally accepted and executed by those with intentions to sign the given memorialize. In most bank transactions, declination and passwords have been used to access an ATM or when one is purchasing merchandise on-line. E-sign is commonly used to permit parties in a contract take advantage of efficiencies in the digital world.Sole proprietorship, partnership, corporation and Limited Liability CompanySole proprietorship is a form of business owned and operated by one person called a sole proprietor. He has unlimited liability for all the business debts. He incurs all the losses alone and enjoys all the profits. A partnership is a form of business organise by a minimum of two and a maximum of 20 persons. It may be each general or limited. In a limited partnership, all general partners have unlimited liabilities but limited partners have limited liability for the debts while in a general partnership, all partners have unlimited liabilities (myownbusiness.org, 20 03). A corporation is normally a form of business unit started and operated by the government. either investors in a corporation have limited liability. Limited liability companies are normally state run entities where all the members have limited liability. For income tax purposes, its taken as a partnership.Fee transparent and life estateFee simple estate is the absolute property ownership that entitles the owner to all the rights of that property. This applies to all property restricted by the private and law restrictions like covenants and zone ordinances. In this case, oddment of the owner results in the ownership transfer to the heirs (thismatter.com, 2005). Life estate, a freehold estate is where ownership of the estate is limited only to duration of a persons lifetime. This may be the life tenant or another designated individual. The owner of this estate has most of the benefits since he enjoys most of the ownership rights by possessing it, leasing it but this will autom atically end whenever the life estate ends. Contrary to fee simple, a life tenant cannot pass the rights of ownership to the heirs. imprimatur rubric and Quitclaim statute titleA warranty deed is a deed which states that the seller owns the given property and no liens in the property may be transferred over in case its old. It sets the record straight that the property is owned legally. Its a deed that ensures the buyer that he is dealing with the rightful owner of the property and thusly no post purchase surprises. Its normally used in majority of property sales. In cases where another person claims the same property, the new buyer is entitled to compensation by the trustworthy owner. A quit claim deed is presented to the buyer by the person who holds responsibility of the property but not the owner. Such cases occur when death occurs and this property is passed on as inheritance. A buyer of the property is not given much protection by obtaining this deed like when he is provid ed with the warranty deed (fsboamerica.org, 2009).Adverse possessionThis is principle in real estate law which states that a person who may possess the land of another person in a given extended duration of time may be in a position to claim the title of that land. Where a business has been in possession of a given piece of land, they can prove adverse possession by covering that the possession was actual, hostile, exclusive, notorious, hostile, open, and continuous for the statutory period and under cover of claim. It is now commonly governed by statute and law. Its however stated that lands owned by the government are exempted from this principle. Where the land owner granted licence to the claimant in use of property the adverse possession claim is not deemed hostile and will thus fail. battle at will versus TitleVII of the civil rights act of 1964Title VII of the civil rights act of 1964 is an act that was passed so that it can protect people from being employment discriminati on on the basis of religion, race, sexual activity, food colouring and national origin. This is a law that has been protecting job applicants and company employees. It applies to all companies that have 15 or more employees. Promotion s in companies cannot be decided on basis of race, color sex national origin or sex. All business are take to pay their employees in the same job group a uniform pay despite their different origins nationally, race, sex, religion or color. Employment at will means that the employer does not need a good cause to fire an employee. An employee employed at-will can be fired any time. Such an employee has limited legal rights to fight that termination. Most states chuck out Montana have adopted have adopted policies that enable them to employ at will.The purpose of the securities act of 1993 and the purpose of the securities and exchange act of 1934Securities act of 1933 was a federal legislation regarding sale of securities. Securities act of 1933 was enacted in order to provide more information about and within securities markets. Its a legislation that addressed for bring out disclosure where companies are expected to register with Securities and Exchange Commission. Its main purpose is thus to make sure that investors are receiving significant and material information about securities in public sale and prohibiting deceit fraud and other misrepresentations in sale of securities to public. Securities exchange act of 1934 created the SEC and it outlaws abusive and manipulative practices in securities issuance, required registration of brokers, stock exchanges listed securities and dealers and disclosure of certain financial information.Sarbanes-Oxley actThis is a legislation that was enacted in 2002 in response to Enron and WorldCom financial scandals. Its manly used to protect the general public and shareholders from fraudulent practices and accounting errors. Its administered by the Securities and Exchange Commission (SEC).C ommon law legal dodging versus the civil law legal systemIn civil law system, legislation is the primary law source. As a result courts will usually base rulings on provisions of statutes and codes. When hearing business cases, courts normally reason merely on basis of general principles and rules in codes. On the other hand common law system use cases as the primary law source and statutes are taken as incursions and interpretations are narrow. Each an every state has a specific definition on doing business according to the common law.Foreign overturn practices actIts provisions prohibit bribery of foreign officials of other governments by U.S. nationals prescribing record keeping practices and accounting. either U.S. company that violates FCPA are fined up to $2million whereas individuals like directors and of companies and officers pay a fine of $100,000 and face imprisonment of 5 years or even both. In such cases there is imposition of civil penalties.ReferencesFsboamerica.or g. (2009). Warranty Deed vs. Quit Claim Deed. Retrieved from http//www.fsboamerica.org/Warranty-Deed-vs-Quit-Claim-Deed.cfmFMyownbusiness.org. (2003). Business Organization. Retrieved from http//www.myownbusiness.org/s4/FThismatter.com. (2005). Estates in Land. Retrieved from http//thismatter.com/money/real-estate/estates-in-land.htm