Contract Law
What is a legally binding agreement between two or more parties?
A contract.
What is the legal term for harm or injury caused to a person or their property?
A tort.
What is the relationship called between an employer and an employee?
An agency relationship.
What is the practice of ensuring a business acts in an ethical and socially responsible way?
Corporate social responsibility.
Which law protects consumers from deceptive business practices?
The Federal Trade Commission (FTC) Act.
What is required for a contract to be legally enforceable?
Offer, acceptance, and consideration.
What type of tort involves intentionally causing harm to someone’s reputation?
Defamation.
What is it called when an employee acts on behalf of their employer?
Acting within the scope of employment.
What term refers to the fairness and transparency in business dealings?
Business ethics.
What is the term for a situation where a consumer buys a product that is not safe for use?
Product liability.
What term is used when one party fails to perform their obligations under a contract?
Breach of contract.
What term describes when someone is held responsible for their actions regardless of intent?
Strict liability.
What is the term for the requirement that employers must provide a safe working environment?
Occupational Safety and Health Administration (OSHA) compliance.
What is the term for disclosing financial information to shareholders and the public?
Financial transparency.
What law requires businesses to disclose the full price of a product, including hidden fees?
Truth in Lending Act.
What is the term for an agreement made without consideration that is not legally enforceable?
A gift.
What is the name of the defense where the defendant argues that the plaintiff was partially responsible for their injury?
Contributory negligence.
What is the term for a contract that an employer has with an employee which specifies terms and conditions of employment?
Employment contract.
What is the legal requirement for companies to protect the privacy of customers’ personal information?
Data protection laws (like GDPR).
What federal agency enforces consumer protection laws related to advertising?
The Federal Trade Commission (FTC).
What is the term for a contract that is legally invalid due to fraud or misrepresentation?
Void contract.
What term describes an act that causes both harm and a criminal offense?
A crime and tort (dual liability).
Under what legal doctrine can an employer be held liable for an employee’s actions within the scope of their job?
Respondeat superior.
What is it called when a company chooses to prioritize sustainability over short-term profit-making?
Long-term corporate social responsibility.
Which law allows consumers to return defective products for a refund or replacement?
The Magnuson-Moss Warranty Act.