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BUSINESS LAW GLOSSARY |
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Glossary of Business
Law Terms
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National Origin Discrimination:
Discrimination on the basis of an employee's ethnicity.
Negligence: Failure to exercise reasonable
care to avoid injuring others or their property. Negligence includes both
actions and failure to act.
No Par Shares: Shares for which there is
no designated par value.
Non- Compete Agreement: A contract (or
part of a contract) in which an employee promises not to work for a competing
employer (or to set up a competing business) during, or for a certain length of
time after, the employment with the employer.
Non-Profit Corporation: A business
organization that serves some public purpose, and therefore enjoys special
treatment under the law. Nonprofits corporations, contrary to their name, can
make a profit, but cannot be designed primarily for profit-making. Distributions
upon liquidation typically must be made to another nonprofit.
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