Tort Law
A wrongful act or an infringement of a right leading to civil legal liability.
Tort
This is a legally and socially recognized union, typically between two people, who are considered spouses.
Marriage
This is a group of one or more parents and potentially their children living together as a unit.
Family
This is a person who purchases goods and services for personal use.
Consumer
Unit responsible for providing the necessities of life to children.
Parents
This is a legal claim or lawsuit brought against an individual or entity for causing harm or injury to another due to their careless or reckless behavior.
Negligence
Property put into both names is owned by both spouses.
Joint Property
This is physical, emotional, or mental harm inflicted by the family.
Abuse
This is an account that helps you manage your day-to-day finances.
Checking Account
This is type of contract that involves documents and signatures from both parties.
Written Contract
Unlawfully restraining someone's freedom of movement.
False Imprisonment
Contract signed before a marriage that defines certain rights and responsibilities. Normally sets forth terms that the couples will abide by in a divorce.
Prenuptial Agreement
Legal process by which an adult or adults become the legal parent(s) of another person.
Adoption
This is the cost required for something or the money spent on something in regular or fixed increments.
Expenses
This is a risk management tool that limits the financial burden on consumers.
Insurance
Holds a defendant liable for harm without needing to prove fault or negligence.
Strict Liability
This is the privilege that states spouses do not need to testify against one another in court.
Marital Communications Privilege
This is physical, emotional, or mental impairment due to the family’s lack of involvement or care.
Neglect
This is the number scale used to calculate your credit score. (ie. 1-1000)
300-850
A type of court that handles minor civil disputes, often referred to as small claims.
People's Court
The defendant had a legal duty to act in a certain way toward the plaintiff.
Duty of Care
This is the type of marriage that can be recognized without a marriage ceremony.
Common Law Marriage
This lawsuit is used to establish fatherhood.
Paternity
This is the concentration of the productive efforts of individuals and firms on a limited number of activities.
Specialization
This is the average commission that a sports agents makes on athletes career earnings.
5-10%
Spoken form of defamation
Slander
This is the amount of time a couple needs to be separated to have legal grounds for divorce.
A year or more
This is an individual, licensed by the state, who provides temporary care and support for a child removed from their home due to abuse, neglect, or other circumstances where their parents cannot adequately care for them.
Foster Parents
The interest rate earned on an investment in one year, including compounding interest. Typically seen in savings accounts.
APY (Annual Percent Yield)
The concept that consumers have an incentive to look for lower prices & firms want to increase sales and profit against other similar firms.
Competition
Strict Liability cases are often tried if the plaintiff can prove that the defendant was partaking in these types of actions.
Inherently Dangerous Activity
Friends and Family (All guests) serve this important role in the wedding ceremony.
Legal Witnesses
Person who is legally required to report suspected abuse or neglect of a child or vulnerable adult to Child Protective Services or Adult Protective Services.
Mandated Reporters
In a Free Market Economy individuals generally will only consider this when making decisions.
Self Interest
Sports agents do not only help athletes negotiate contracts with teams but also in this other money-making opportunity.
Endorsements
An unreasonable interference with someone's use or enjoyment of their own property.
Nuisance
This is how much is a spose entitled to even if they are not included in a will.
1/3 of the estate or up to $50,000 (Whatever is higher)
This is a means-tested program that provides cash payments to disabled children, disabled adults, & individuals aged 65 or older.
Social Security
Term used to describe the next best thing a consumer could have chosen before making a purchase.
Opportunity Cost
This is a type of tort where the individual knew and planed for the harm to happen.
Intentional Tort
Public figures must also prove that the defendant had this in a defamation case.
Malice
This is the percentage of American marriages that end in divorce.
45%
These are benefits given to families that lose a loved one while working or deployed.
Survivor's Benefits
The idea that individuals who supply a skill set that is either in short supply or in high demand earn higher wages than their counterparts.
Relative Value
Contracts require this and consideration between the parties involved.
Mutual Consent
Legal standard used to determine whether an individual's actions were appropriate or negligent based on what a typical person would do in similar circumstances.
Reasonable Prudent Person (RPP)
This term refers to payments made to unwed partners after they break up.
Palimony
The amount of money spent by the federal government on support programs each year.
$300 Billion
Type of credit that involves making regular payments to pay down debt until the balance is zero. Typically seen as the more favorable debt for your credit score.
Installment Credit
This is what federal income taxes that are withheld from your paycheck are used to pay for.
Government Discretionary Spending