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A legally enforceable agreement between two or more parties. It's fundamental to business transactions and ensures that parties keep their promises.

A civil wrong that causes a claimant to suffer loss or harm, resulting in legal liability for the person who commits the tortious act. Torts are relevant to businesses as they need to mitigate risks that could lead to such legal claims.

Refers to creations of the mind, such as inventions; literary and artistic works; designs; and symbols, names, and images used in commerce. Intellectual property is crucial for businesses to protect their innovations and branding.

Legal proceeding involving a person or business unable to repay outstanding debts. Bankruptcy law provides for the development of a plan that allows a debtor to resolve debts through the division of assets. It's important for businesses as a potential form of debt relief or as a risk when engaging with financially unstable partners.

The act of adhering to, and ensuring alignment with, laws, regulations, standards, and ethical practices. Compliance is critical for businesses to avoid legal penalties and maintain trustworthiness.

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances. Businesses must avoid negligence to prevent harm and avoid legal liability.

A company’s legal financial debts or obligations that arise during the course of business operations. Managing liability is critical to a business's financial health and risk management strategies.

An investigation, audit, or review performed to confirm facts or details of a matter under consideration. In the business context, it refers often to the process of evaluating a prospective business decision, such as a merger or acquisition.

Statutes developed to protect consumers from predatory business practices and ensure fair competition. Antitrust laws are relevant to businesses as they can limit a company's growth strategies and market power.

A violation of any of the agreed-upon terms and conditions of a binding contract. This is significant for businesses as it can result in legal disputes and financial losses.

A method of dispute resolution in which an independent third party, known as an arbitrator, is appointed to make a binding decision. It's a common method for resolving business disputes without going to court.

Money paid by one party to another as compensation for loss or injury. In the business context, damages are important for remedying breaches of contract or torts.

A symbol, word, or words legally registered or established by use as representing a company or product. Trademarks are crucial for businesses to protect their brand identity and prevent consumer confusion.

An exclusive right granted for an invention, which is a product or a process that provides a new way of doing something, or offers a new technical solution to a problem. Patents are key for businesses to safeguard their innovations and benefit from them financially.

The combination of two or more companies into a single legal entity. Mergers are part of business growth strategies and can impact market share, competition, and efficiency.

The act of acquiring control of a company by purchasing its shares or assets. Acquisitions are significant for businesses as they can expand market reach, diversify offerings, or eliminate competition.

The process of taking legal action in court to enforce or defend a right or resolve a dispute. Litigation is a reality of business that can affect reputation, finances, and operations.

A legal entity that is separate and distinct from its owners, which can enter into contracts, loan and borrow money, sue and be sued, hire employees, own assets, and pay taxes. Its relevance to business includes limited liability, and the ability to raise capital through stock sales.

The simplest form of business organization, in which the owner is the business. The owner bears the full financial responsibility but has complete control over all business decisions.

A business organization in which two or more individuals manage and operate the business in accordance with the terms and objectives set out in a Partnership Deed. It balances responsibility and control among partners, but also involves shared liability.

A business structure in the United States wherein the owners are not personally liable for the company's debts or liabilities. Combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.

A commercial enterprise undertaken collaboratively by two or more parties that otherwise retain their distinct identities. Joint ventures enable businesses to pool resources for specific projects or objectives.

A legal obligation to act in the best interest of another party. For businesses, this is particularly relevant in the context of corporate officers and directors who must act in the best interests of the shareholders.

A form of government regulation designed to protect the interests of consumers and ensure fairness in transactions. Businesses must adhere to these laws to avoid penalties and maintain consumer trust.

The division of law that governs the relationship between employers and employees. Employment law dictates contract terms, worker's rights, and workplace safety, and is critical for businesses to manage human resources lawfully.

The state of being unable to pay debts owed. In business, this condition can eventually lead to bankruptcy proceedings, and means that a company's liabilities exceed its assets.

A legal claim granted by a debtor to a creditor over the debtor's property. It ensures the property, known as collateral, will secure the performance of the obligation, often a loan. Security interests are pivotal in secured transactions.

The official power to make legal decisions and judgments, often based on geographic location and the type of legal issue. Businesses must understand jurisdictional issues to determine where they can sue or be sued.

The use of methods such as mediation and arbitration to resolve a dispute without resorting to litigation. ADR is often preferred by businesses to save time and maintain privacy.

A contractual obligation by which one party agrees to compensate for any losses or damages suffered by another party. In business, indemnification clauses protect against the financial consequences of legal claims.

A contract clause that frees both parties from liability or obligation when an extraordinary event or circumstance beyond the control of the parties prevents one or both parties from fulfilling their obligations under the contract. It is crucial for risk management in business contracts.

An intangible asset associated with the purchase of one company by another that represents the value of the company's brand name, solid customer base, good customer relations, good employee relations, and any patents or proprietary technology. Goodwill reflects the company's reputation and relations and can greatly influence its business value.

The process by which an asset or escrow money is held by a third party on behalf of the transacting parties. In business, it's commonly used during transactions to reduce risk by holding funds until all conditions are met.

A guarantee, typically by a seller to a buyer, that a product is as represented and will comply with a specified condition or standard. Warranties offer businesses a way to assure quality and reliability to consumers.

A contract among the shareholders of a company that specifies their rights and obligations. It is a key document for businesses as it can dictate how the business is run, how disputes are resolved, and how shares can be bought and sold.