Business Law Terminology List for Exam - PDF

Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 1. Rights e.g. freedom of speech (R's of Law) 2. Reasonable(-ness) balance of rights and responsabilities (R's of Law) 3. Responsibility(-ies)... (R's of Law) =...

Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 1. Rights e.g. freedom of speech (R's of Law) 2. Reasonable(-ness) balance of rights and responsabilities (R's of Law) 3. Responsibility(-ies)... (R's of Law) = duty of care 4. Duty(-ies) of care responsabilities (R's of Law) 5. Common law Acting upon experience from older cases; uncodified law; originates in UK; case law 6. Civil law Everything is written down; codified law; originates in France; no case law 7. Precedent A written down case and how it was solved, used to solve common law cases 8. Case law 9. Statute law civil law = statuten 10. Public law Big Brother'; the government stands above all citi- zens and decides certain rules; e.g. tax law, criminal law, constitutional law 11. Tax law Example of Public law 12. Contract law Example of Public law 13. Constitutional law based on the constitute (grondwet) 14. Regulation Applies to all EU Law countries 15. Directive EU Law: goal for the countries to get to, but they are not obligated 16. Right of withdrawal allows the consumer to change his mind about the purchase made, freeing himself from the contract concluded without giving any reason 1 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 17. Reflection/cool- allows the consumer to change his mind about the ing-off period purchase made, freeing himself from the contract concluded without giving any reason 18. Exception uitzondering: ARTICLE 16 19. Product safety EU law to protect us; -Fair competition -Product safe- ty -Consumer protection (3x14 returning, only online) 20. Consumer protection EU law to protect us; -Fair competition -Product safe- ty -Consumer protection (3x14 returning, only online) 21. Return EU law to protect us; -Fair competition -Product safe- ty -Consumer protection (3x14 returning, only online) 22. Inform EU law inform before you return 23. 3x14 EU law to protect us; -Fair competition -Product safe- ty -Consumer protection (3x14 returning, only online) 24. Online purchase EU law to protect us; -Fair competition -Product safe- ty -Consumer protection (3x14 returning, only online) 25. Refund terugbetaling 26. Rechtsstaat rule of law 27. Rule of Law rechtsstaat 28. Vienna Convention United Nations convention 29. CISG CISG Contracts for the International Sale of Goods (1980) 30. Apply automatically CISG automatic but not compulsory 31. Explicitly excluded CISG apply automatically expect if it is explicitly ex- cluded 32. Treaty(-ies) verdrag = written agreement between 2 parties 2 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 33. Substantive law what does the law say? 34. Legal proceedings trial 35. Procedural law how does the law work? 36. Criminal law Example of Private law 37. Employment law Example of Private law 38. Private law The law makes sure that equality is regulated, peo- ple-people, e.g. employment law, contract law, cor- porate law, 39. Corporate law Example of Private law 40. Capital FOUR FREEDOMS (Goods, persons, services, and capital) 41. Services FOUR FREEDOMS (Goods, persons, services, and capital) 42. Good(s) FOUR FREEDOMS (Goods, persons, services, and capital) 43. Person(s) FOUR FREEDOMS (Goods, persons, services, and capital) 44. Employment dis- arbeidsconflicten putes 45. Rental disputes Rent; in case of renting a room a tenant (is you) and a landlord (is your 'huisbaas') 46. Small claims court you don't need a lawyer 47. EUR 25,000 only applicible for small claims court when the case is In Germany, The parties are only bound by those STCs that do not conflict 125. SCT 8 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya Standard Contract Terms > algemene voorwaarden > 126. battle of forms SCT > B2B > both businesses have different SCT's 127. first-shot rule SCT > The Netherlands has the first shot rule, the first one to say that their standard contract terms apply, will be applied. 128. essential element SCT > musn't contain essential elements which make a contract unique (only base CT's) 129. blacklist SCT > SCT's that cannot be used 130. last-shot rule SCT > In the England there is the last shot rule. The last one to say that their standard contract terms apply win. 131. good faith definition taking into account the other parties legitimate inter- est. So, to act in good faith means to act reasonable to the other party. It is an important legal principal, and it is also very important for property law. You always need to look at the legitimate interest of both parties 132. interests when looking in good terms, look at both parties' interests 133. regulate 134. allocate risks pointing out risks 135. common/civil law 136. take into account consider 137. intended offer vastgesteld offer 138. guarded cloakroom A room that has been guarded by a company or any other party. 9 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 139. non-committal niet toewijdend 140. legitimate rechtvaardig 141. legal capacity Qualification or authority to carry on international relations. 142. negotiate(-ions) onderhandelingen 143. contract for safe- A promise that a company has made. keeping 144. justified trust/expec- tations 145. verify/check checken 146. vicarious liability damage caused by another human 147. risk/strict liability You are not responsible, you didn't cause the dam- age BUT you are liable for the person who DID dam- age (kids, dogs, staff) 148. comperative negli- the victim is partly to blame himself this can reduce gence the compensation > the compensation can be re- duced to proportion of how much the blame falls to you a how much to the other person. 149. product liability als je owner bent van een product, en je product geeft iemand damage, ben jij liable 150. employer liability de werkgever is aansprakelijk 151. 50% rule when a motor vehicle could not prevent the accident, the vulnerable user will be also 50% liable for the costs 152. vulnerable road user pedestrians and cyclists, they are not liable if some accident happen with a motor vihicle 10 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 153. 100% rule if a accident occurs with a child under 14, the motor vehicle is 100% liable, but there are exeptions! 154. deliberate reckless- in traffic: if a vulnerable user acts out of deliberate ness recklessness, they are 100% liable 155. road traffic liability unlawful acts that happen in traffic 156. 14 years children pay compensation 160. duty of care tort: key concept : you are obliged to care for others, you must be careful 161. unlawful act is tort = conditions for unlawful act : 1. Person A has duty of care to B, 2. A breaches DUC, 3. B suffers damage, 4. causality, 5. relativity 162. breach of duty of care 163. causality conditions for unlawful act 4: the damage that person B suffers must be because of the breach of DUC from person A 164. relativity conditions for unlawful act 5: there must be a relation between the kind of damage and the unlawful act (e.g. someone broke a leg (damage), unlawful act was littering a peel 165. damagE schade 11 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 166. damageS/compensa- -s ! = the compensation you claim, to sue someone tion for damageS, you claim compensation for the dam- agE that cost you money 167. commerical loss 168. blame schuld benoemen aan... 169. purpose bedoeling 170. protect beschermen 171. victim slachtoffer 172. prevent voorkomen 173. violated rule/norm het ondergaan van een unlawful act 174. reduce verlagen van de compensation/damages 175. liability legal responsability to pay for damage 176. fault fout van... 177. force majeure force majeure clauses *overmacht* may help avoid liability > can only happen if the other party did not cause the damage (e.g. natural disaster) 178. damage suffered liability can only occur if someone suffers damage 179. financial interest 180. owner(-ship) if you own something you have the strongest claim to it, is a right 181. (im-)movable moveable = everything that you can pick up and move >>> immovable = house, land 182. possession is a legal fact (control) 183. justify explain 12 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 184. power 2. REQUIREMENTS TRANSFER. owner has power to transfer 185. legal basis 1. REQUIREMENTS TRANSFER. legal basis that justifies the transfer, contract of sales 186. good/bad faith good faith: in goed vertrouwen. bad faith: in slecht vertrouwen 187. good faith the buyer did not know, nor should she have known that the seller lacked the power to transfer ownership 188. 3/10/20 years 189. time-barring period time that it will take to transfer ownership without delivery (by theft or acting in good/bad faith) 190. negative/extinctive 2. PRESCRIPTION > possessor acts in bad faith, prescriptiom immovable: after 20 years, movable: after 20 years 191. acquire, acquisition 1. PRESCRIPTION > possesor acts in good faith, immovable: after 10 years, movable: after 3 years 192. positive/extinctive 1. PRESCRIPTION > possesor acts in good faith, prescription immovable: after 10 years, movable: after 3 years 193. perscription you become the owner of something even no you're not through the near passage of time. 194. contractual right difference from property law: 2+ parties, does not effect third parties. overeenkomsten prop. law: both private law, concern the same situation 195. third-party effect CONSEQUENCES = The effect affects one person outside of the contract 196. consequences consequences of prop. law and contr. law 197. lend lenen 13 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 198. rental/lease contract the owner of the rented property stays the owner, person lending is the lender 199. expropriation WAYS OF TRANSFER OWNERSHIP: government can take something away from you, only for the public good and if paying you a reasonable amount. 200. theft, thief WAYS OF TRANSFER OWNERSHIP: in principle it is no way to become the owner of something. A thief becomes the possessor, A thief does not take away your ownership directly, a thief does take away you possession directly 201. direct/indirect pos- possesor = keeper in physical access with intention sess(-or, -ion) to keep it 202. direct/indirect holder holder = keeper in physical access with no intention to keep it 203. pretended ownership voorgedaan ownership >>> verduistering >>> em- bazzlement 204. presumed ownership ownership wordt voorgenomen dat het in good faith gebeurt 205. holder People who are neither the owner or possessor 206. owner has power 2. TRANSFR OF OWNERSHIP: the owner has the power of ownership 207. deliver(-y) 3. TRANSFR OF OWNERSHIP: movable proper- ty >>> handover (give someone possession of the property) or a statement, immovable: register in a public register 208. registered deed TRANSFR OF OWNERSHIP: A signed legal docu- ment that transfers ownership of an asset to a new owner 209. contract of sale 14 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 1 TRANSFR OF OWNERSHIP: first requirement, there must be a contract of transfer of ownership 210. transfer TRANSFR OF OWNERSHIP: transfer, overname 211. administrator aangesteld door rechter: curator 212. insolvency a company is unable to solve its debts 213. bankrupt(-cy) insolvency >>> lead to bankrupcy, said by the gov- ernment 214. most recent buyer 215. property bezit 216. fact feit 217. tangible tastbaar 218. proprietary right eigendomsrecht 219. privity/relativity of vertrouwelijkheid/relativiteit van het contract contract 220. everyone else 221. consideration 222. third-party protection 223. ID assist duty behouden van je eigen identiteit >>> identiteitfraude 224. unregistered ongeregristreerd 225. consumer sale 226. consumer iemand die een ding gebruikt 227. handover overgave 15 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 228. private law 229. exclude 230. borrow lenen 231. cash/ready money liquide middelen 232. professional seller 233. statement stelling 234. steal stelen 235. IOU/promissory note IOU = I Owe You , a written acknowledgement of debt that another party owes another 236. phycial store irl- store 237. public register vastgesteld register met alle bewoners van een land 238. permission toestemming 239. nine-tenths of the law ownership is easier to maintain if one has possession of something, or difficult to enforce if one does not. 240. embezzlement het zich opzettelijk, in strijd met de wet, toe-eigenen van een goed dat van iemand anders is. 241. incorporate(d) An organization has been made separate legal entity in accordance with the requirements prescribed by law 242. seperate legal entity it means the incorporated organization is legally in- dependent from the persons who create it. Persons can be natural person or legal person. 243. corporate 244. business(es) legal name for an organisation which is incorporated 16 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 245. legal person A corporation has legal personality 246. sole trader/proprietor self-employed person/ freelancer, you work on your own and you and the business are the same, you're fully personal liable. 247. owner(s) SO/P; 1 owner, PART: 2+ owners 248. Co-sign een persoon die ermee instemt om wettelijk ve- rantwoordelijk te zijn voor het betalen van een schuld als de lener de lening niet terugbetaalt zoals overeengekomen. 249. personally liable all natural persons (sole ownership, partnership) are personally liable (hoofdelijk aansprakelijk) 250. partnership(s) A group of sole traders working togheter. Each of these partners is still personally liable 251. individuality it is considered to be able to act on its own as if it were a natural person, an entity with its own rights and duties 252. Natural person why is a legal person also natural?1. Even though it is invisible, intangible, and artificial, it has individuality: 2. It can ultimately only pursue its activities through natural persons acting as its agents 253. agent levende natural person die de legal person represen- teert 254. public limited compa- ny (PULC 255. association the members have the ultimate decision-making power 256. NV, Plc, AG, SA the shareholders havethe ultimate decision-making power; they are the owners of the company. PUBLIC LIMITED COMPANY 17 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 257. Private-law legal per- Private limited company, public limited company, as- son sociation, foundation 258. BV, Ltd, GmbH, SARL the shareholders havethe ultimate decision-making power; they are the owners of the company. PRIVATE LIMITED COMPANY 259. Foundation the board has the ultimate decision-making power 260. mismanage when a board mismanages, it can be held liable 261. ultimate deci- the board sion-making power 262. members The board 'merely' manages the day-to-day opera- tions of the association on behalf of the members and while the board has decision-making powers, it can only exercise these powers with the members' approval 263. board A foundation has neither members nor shareholders. 264. articles of incorpora- FORMALITIES PRLC 1: Drawing up the articles of tion incorporation in a notarial deed-this is the actual legal act of incorporation 265. notarial deed FORMALITIES PRLC 1: Drawing up the articles of incorporation in a notarial deed-this is the actual legal act of incorporation 266. Deposit FORMALITIES PRLC 2: making a deposit of EUR 0.01 267. commerical register/ FORMALITIES PRLC 3: civil-law notary signs you in KvK at KvK 268. chamber of com- FORMALITIES PRLC 3: civil-law notary signs you in merce at KvK 269. Government agency 18 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya FORMALITIES PRLC 4: civil-law notary signs you in at tax autorioties 270. private limited com- 4 formalities for making a PRLC pany (PRLC) 271. legal fiction Like any other legal person, a corporation is a legal fiction: it's not a physical reality 272. physically real Like any other legal person, a corporation is a legal fiction: it's not a physical reality 273. corporation literal: a body, legal: it is an organization that has been incorporated. In other words, a corporation is an organization that has been given legal body 274. legal form legal person 275. stakeholder aandeelhouder 276. profit winst 277. liability aansprakelijkheid 278. creditor curator 279. firm bedrijf/firma ECONOMIC TERM 280. public-law legal per- son 281. economic ECONOMIC TERM 282. fiction fictie 283. company bedrijf ECONOMIC TERM 284. umbrella term 285. personal assets persoonlijke bezittingen 19 / 20  Business law - termonology list for exam Online studeren bij https://quizlet.com/_gbc0ya 286. Province 287. shareholder aandeelhouder 288. independent(-ly) solo, individueel 289. supplier 290. criminal offence 20 / 20