Business Law Definitions 3 PDF

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Business Law Definitions 3 Endorse To sign a negotiable instrument (such as a cheque) in order to enable negotiation. (p. 649) Endorsement in blank Signing a cheque without any special instructions. (p. 650) Endorsement Written evidence of a change to an existing insurance policy. (p. 709) Enterprise risk management The process of identifying and managing all business risks. (p. 46) Entire contract clause A term in a contract in which the parties agree that their contract is complete as written. (p. 148) Equal bargaining power The legal assumption that parties to a contract are able to look out for their own interests. (p. 102) Equity Rules that focus on what would be fair given the specific circumstances of the case, as opposed to what the strict rules of common law might dictate. (p. 35) Equity of redemption The right to regain legal title to mortgaged land upon repayment of the debt. (p. 489) Estate The collective term for the assets of a bankrupt individual or corporation. (p. 682) Events of default Failure by the debtor to make required payments on a loan or to fulfill its other obligations under the credit agreement. (p. 661) Evidence Proof presented in court to support a claim. (p. 84) Exclusive dealing When a seller agrees to sell to the purchaser only if the purchaser buys from it exclusively. (p. 629) Exclusive jurisdiction Jurisdiction that one level of government holds entirely on its own and not on a shared basis with another level. (p. 24) Exclusive possession The tenant’s right to control land during the term of a lease. (p. 494) Exemption clause A term of a contract that identifies events causing loss for which there is no liability. (p. 156) Expectation damages Damages which provide the plaintiff with the monetary equivalent of contractual performance. (p. 208) Express term

A provision of a contract that states a promise explicitly. (p. 141) f.o.b. A contractual term whereby the buyer specifies the type of transportation and the seller arranges that transportation and delivery of goods to the carrier at the buyer’s expense. (p. 594) Fair comment A defence to defamation that is established when the plaintiff cannot show malice and the defendant can show that the comment concerned a matter of public interest, was factually based, and expressed a view that could honestly be held by anyone. (p. 281) Fair dealing A defence to copyright infringement that permits the copying of works for particular purposes. (p. 461) False imprisonment Unlawful detention or physical restraint or coercion by psychological means. (p. 227, 276) False or misleading representation A promotional statement made to a consumer that is false, deceptive, or misleading. (p. 607) Federal Court of Canada The court that deals with some types of litigation involving the federal government. (p. 29) Fee simple The legal interest in real property that is closest to full ownership. (p. 475) Fiduciary duty A duty imposed on a person who has a special relationship of trust with another. (p. 304) Fiduciary A person who has a duty of good faith toward another because of their relationship. (p. 304) Financing statement The document registered as evidence of a security interest. (p. 664) Fixed- or definite-term contract A contract for a specified period of time, which automatically ends on the expiry date. (p. 518) Fixtures Tangible personal property that is attached to land, buildings, or other structures. (p. 475) Foreclosure The mortgagee’s remedy to terminate the mortgagor’s interest in the land. (p. 493) Forfeiture rule A rule that provides that a criminal should not be permitted to profit from a crime. (p. 709) Formal executive The branch of government responsible for the ceremonial features of government. (p. 27)

Franchise An agreement whereby an owner of a trademark or trade name permits another to sell a product or service under that trademark or name. (p. 340) Frustration Termination of a contract upon the occurrence of an unforeseen catastrophic event which makes contractual performance impossible or prevents the contract from being performed in a manner at all similar to what the parties envisioned when they entered the contract. (p. 199) 732Fundamental breach A breach of contract that affects the foundation of the contract. (p. 205) Fundamental term A term that is considered to be essential to the contract. (p. 549) Future goods Goods that are not yet in existence at the time a contract of sale is formed. (p. 596) General security agreement A security agreement that includes all of the debtor’s personal property assets as collateral. (p. 662) Government policy The central ideas or principles that guide government in its work, including the kind of laws it passes. (p. 20) Gratuitous bailment Bailment that involves no payment. (p. 425) Gratuitous promise A promise for which no consideration is given. (p. 128) Grievance process A procedure for resolving disputes contained in union contracts. (p. 559) Guarantee A conditional promise to a creditor to pay a debt if the debtor defaults. (p. 669) Guarantor A person who guarantees a debt. (p. 669) Habitual neglect of duty Persistent failure to perform employment duties. (p. 541) Holder in due course A holder in good faith without notice of defects, who acquires greater rights than the parties who dealt directly with each other as the drawer and payee. (p. 647) Holder A person who has possession of a negotiable instrument. (p. 646) Human rights commission An administrative body that oversees the implementation and enforcement of human rights legislation. (p. 510) Identification theory A theory specifying that a corporation is liable when the person committing the wrong is the corporation’s directing mind. (p. 380) Identity theft

The fraudulent use of others’ personal information to create a false identity. (p. 642) Illegal contract A contract that cannot be enforced because it is contrary to legislation or public policy. (p. 180) Implied term A provision that is not expressly included in a contract but that is necessary to give effect to the parties’ intention. (p. 143) Incompetence Lack of ability, knowledge, or qualification to perform employment obligations. (p. 542) Incorporator The person who sets the incorporation process in motion. (p. 362) Indefinite-term contract A contract for no fixed period, which can end on giving reasonable notice. (p. 519) Indemnification The corporate practice of paying the litigation expenses of officers and directors for lawsuits related to corporate affairs. (p. 396) Indemnity A primary obligation to pay a debt owed by another person. (p. 669) Independent contractor A person who is in a working relationship that does not meet the criteria of employment. (p. 505) Industrial design The visual features of shape, configuration, pattern, ornamentation, or any combination of these applied to a finished article of manufacture. (p. 447) Inferior court A court with limited financial jurisdiction whose judges are appointed by the provincial government. (p. 28) Injurious or malicious falsehood The utterance of a false statement about another’s goods or services that is harmful to the reputation of those goods or services. (p. 284) Innkeeper Someone who offers lodging to the public. (p. 432) Innominate term A term that cannot easily be classified as either a condition or a warranty. (p. 204) Insider trading Transactions in securities of a corporation by or on behalf of an insider on the basis of relevant material information concerning the corporation that is not known to the general public. (p. 370) Insider A person whose relationship with the issuer of securities is such that he is likely to have access to relevant material information concerning the issuer that is not known to the public. (p. 370)...