Legal Terms

INTRODUCTION TO BUSINESS LAW


Introduction To Legal Terms


Cleverness In This Article

Why Is Understanding Business Law Terms Important?

Legal Vocabulary (legalese)

A few Clever legal terms to get you started

The Sides in a Case


Why Is Understanding Business Law Terms Important?

ThinkingLawyers use many specialized words and terms. Some words have a different meaning in legal terms to the same words when used in normal everyday conversation. It is, therefore, important to have an understanding of the main legal terms, especially if you become involved in the legal system. These basic legal terms and explanations will help you with your legal issues and studies.

All legal areas have some effect on businesses, business operations and its productivity. It is essential that all business owners and business students have some understanding of business law.

Many people hope to start their own business and it is important to have an understanding of the different types of business legal entity before starting any business. Businesses are often involved in the hiring and firing of workers and all business people must have an understanding of employment law. Businesses are often involved in contractual agreements and it is important that business operators have an understanding of contract law.  Health and Safety is also a very important part of operating a business and is part of tort law. Business law is essential for anyone who wants to work in accounting, business or management in an international company and also for everyday life as we all have a responsibility under law to act in a socially acceptable manner.

Legal Vocabulary (legalese)

A lawyer or solicitor will use these terms in their explanation of a case. They will be used throughout these Business Law pages. Learning these now will help you to understand the legal concepts being explained.

A few Clever legal terms to get you started:

Jurisprudence

Allegation: A claim made against someone that they have committed an unlawful act.

Agreement: Where two parties agree on a set of facts or course of action.

Claimant: A person making a claim or allegation.

Compensation: Return, recompense, reparation for loss, injury, or suffering.

Conditions: Requirements, restriction or permission added to a document.

Damages: An award, usually money, which is paid to a person or organization as compensation for loss or injury.

Evidence: Something that tends to prove or disprove something.

Liability: Responsibility. If you are ‘liable’ for paying costs you are the one who is ‘responsible for paying’ those costs. In many cases, a law suits purpose is to prove that one party is liable for the damages suffered by the other.

Negligence: This is where a person has a ‘duty’ towards another and they break that duty. They have been negligent or ‘careless’ and due to their ‘negligence’, another party has suffered injury, which they can claim ‘damages’ for.

Parties: This is the people (or corporation) who are directly involved in a legal proceeding. They may be the people (parties) who enter into an agreement (contract) or other transaction. When a dispute results in legal action those directly involved are called the ‘parties’ to the lawsuit.

Precedent: A legal principle created by a court decision.

The Sides In A Case

Plaintiff: The person (or corporation) that starts a lawsuit.

Defendant: The person (or corporation) that must defend itself.

Appellant: The party who loses in a trial court who appeals to a higher court.

Appellee: The party who wins in trial court who must defend their victory in an appeal court.

There are many more legal terms but these Clever few will help you gain an understanding of the legal rems being used in lawsuits, legal cases and legal information.


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Merriam-Webster's Law Dictionary: Legal Terms in Plain English


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