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Law terms
Business law terms for exam 2
10 cards·by parker4087
Product Liability
The liability of manufacturers, sellers and others for the injuries caused by defective
products
Tort
French for wrong or civil wrong
Strict liability
Liability without fault
Contract
An agreement that is enforceable by a court of law or equity
Negligence
Omission to do something which a reasonable person would do or doing something which a prudent
and reasonable person would not do
Counteroffer
A response by offeree that contains terms and conditions different from addition to those of
the offer. A counteroffer terminates the offer
Rejection
Words or conduct by offeree that rejects an offer. Rejection terminates the offer.
Agreement
Manifestation by two or more persons of the substance of a contract
Executors Contract
Not fully performed by either or both sides
Executed contract
Fully performed on both sides. A completed contract