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BUSINESS LAW GLOSSARY |
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Glossary of Business
Law Terms
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B C
D E
F G
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J K L
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Q R S
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W X Y Z #
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Back Pay: A type of damages award in an
employment lawsuit that represents the amount of money the employee would have
earned if the employee was not fired or denied a promotion illegally.
Bait and Switch: A dishonest sales
practice in which a business advertises a bargain price for an item in order to
draw customers into the store and then tells the prospective buyer that the
advertised item is of poor quality or no longer available and attempts to sell
them something else that is higher priced.
Balance Sheet: The statement of the assets
and the liabilities (amounts owed) of a business at a particular time usually
prepared each month, quarter of a year, annually, or upon sale of the business.
Bench Trial: A trial without a jury. The
judge rules on facts and evidence presented to him.
Blue Sky Laws: The securities laws of
individual states, collectively. These laws seek to protect people from
investing in sham companies-companies that offer nothing more than "blue
sky."
Board of Directors: The directors of a
corporation, collectively. The directors of a corporation are its governing
board. Elected by shareholders, they vote on major corporate matters such as the
issuing of shares of stock, election of officers, and approval of mergers and
acquisitions.
Bond: An interest-bearing instrument
issued by a corporation or other entity that serves as evidence of a debt or
obligation.
Book Account: An account of a customer
kept in a business ledger of debits and credits (charges and payments), which
shows the amount due at any given time. This can provide a clear basis for suing
for a debt.
Bucket Shop: An unofficial and usually
illegal betting operation in which the prices of stocks and commodities are
posted and the customers bet on the rise and fall of prices without actually
buying stock, commodities, or commodity futures.
Burden of Proof: The obligation of one
party in a suit to prove all the requirements necessary to show entitlement to
recovery. If the burden is not met, the party with the burden will lose the
issue or the case.
Business Judgment Rule: The rule that
shields directors from liability for mismanagement of the corporations that they
serve.
Business Law: Business law is the general
field of law relating to business organizations, business structures, and
business transactions. Also included in the business law field are issues
related to real estate, tax, and the environment. Business law courses are
available for non-lawyers at the college level. For law students, business law
courses are very detailed and will allow the attorney to give competent business
law advice as to what kind of business organization might be appropriate for a
client and what course of action may be best in certain business transactions.
Bylaws: The internal operating rules of a
corporation usually set out in a five to twenty page document. Bylaws govern
such matters as holding meetings, voting, quorums, elections, and the powers of
directors and officers.
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