All keywords you need to learn for the Business Law exam including definitions. Topics that are related to General Legal Issues 1-4, Property Law and Corporate Law. Good luck! In addition, you would make me very happy by leaving a review after buying one of my documents :)
General Legal Issues 1
Regulate = to control or direct by a rule
Balance = even distribution of weight
Private law = 1 of 2 areas of law. Private law applies to relationships between individuals in
a legal system, e.g., contract and employment law
Right of withdrawal = allows the consumer to change his mind about the purchase made
Vienna Convention = also called CISG
B2C (business to consumer) = Consumer Rights Directive is applicable to sales within EU
Legal proceedings (court case) = an activity that seeks to invoke the power of a tribunal in
order to enforce a law
Exception = a case in which certain rules do not apply
Responsibility(-ies) = 1 of the 3 R’s of law, is the same as duty of care, responsibilities must
be in balance with rights
Precedent = earlier court decision
Criminal law (law within public law) = a system of laws concerned with punishment of
individuals who commit crimes
Contract law = law within private law
Freedom = the right to act, speak, or think as a person wants
Capital = cash, equipment, property that a business has
Rule of law = those with the power to make laws that bind us are also bound by these laws
themselves, also called ‘rechtsstaat’
Product safety = the ability of a product to be safe for intended use, as determined when
evaluated against a set of established rules
Reasonable(-ness) = 1 of the 3 R’s of law, it means taking into account the other parties
legitimate interests too
Common law (started in the UK, distributed the system to US, India, Australia and Canada)
= as for development: case law and for precedent: binding precedent
Court needs to explain decisions, lower courts need to follow decisions of higher court
Substantive law = the set of law that governs how members of a society are to behave
Rechtsstaat = those with the power to make laws that bind us are also bound by these laws
themselves
, CISG (Convention on Contracts for the International Sale of Goods (1980) = a set of rules
defining the obligations of professional, commercial buyers and sellers from different
contracting states, either within or outside the EU, regarding certain commercial goods and
products that apply automatically unless their applicability is excluded in the sales contract.
Regulation = a rule or directive made and maintained by an authority
Reflection period = is intended for trafficked persons to recover sufficiently from their
experience that they might be willing and able to talk about it and to make informed decisions
about whether to take legal action against the trafficker and to pursue legal proceedings
regarding compensation claims
Conduct = the manner in which a person behaves, especially in a particular place or
situation
Civil law (within (Western) Europe), because of civil law there is a civil code and criminal
code. As for development: codified statues (written law is most important) and for precedent:
persuasive precedent
When higher court makes decision, lower court would be wise to follow higher court’s
decisions
Binding = an agreement or promise, involving an obligation that cannot be broken.
Tax law (public law) = the body of law dealing with governmental levying of taxes on
individuals and corporations
Employment law (private law) = a set of laws that deal with the rights of employees and the
responsibilities of employers: Employment law covers a wide range of issues from pension
plans and retirement, to occupational safety, to discrimination in the workplace
Movement = an act of changing physical location or position or of having this changed
Services = activities that are consumed at the same time they are produced
Legal representation (lawyer) = if defendants come to court without legal representation,
they will not be adequately defended
Consumer protection = the practice of safeguarding buyers of goods and services, and the
public, against unfair practices in the marketplace
Legitimate(-ly) = able to be defended with logic or justification (valid), conforming to the law
or to rules
Case law = decision made by court in specific individual cases
Directive = an official or authoritative instruction
Duty(-ies) of care = within liability under 5 requirements to hold someone liable (tort):
person A owes B a duty of care (based on fault or risk); you have a responsibility to behave
and act carefully around others
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