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What are antitrust laws?

What are antitrust laws?

Antitrust laws, also referred to as competition laws, are statutes developed by the U.S. government to protect consumers from predatory business practices.   Antitrust laws ensure that fair competition exists in an open-market economy. These laws have...
What Is A Misrepresentation In Connection With Contract?

What Is A Misrepresentation In Connection With Contract?

A misrepresentation can occur where one party to a contract makes a false statement of fact to the other, which the other relies on.  There are three types of misrepresentations—innocent misrepresentation, negligent misrepresentation, and fraudulent...
What is the Business Judgment Rule?

What is the Business Judgment Rule?

The business judgment rule is invoked in lawsuits when a director of a corporation takes an action that affects the corporation, and a plaintiff sues, directly or derivatively (i.e., on behalf of the corporation), alleging that...
What is a Statute of Limitations?

What is a Statute of Limitations?

A Statute of Limitations is a law that sets the maximum time the parties involved have to initiate legal proceedings from the date of the subject occurrence or alleged offense, whether civil or criminal.  The length of time a Statute of Limitations...
What is a legal injunction?

What is a legal injunction?

A legal injunction is a court order to take a particular action or refrain from it.  There are three types of legal injunctions: permanent injunctions; temporary restraining orders; and preliminary injunctions.  Temporary restraining orders...
What Is Consideration In Business Law?

What Is Consideration In Business Law?

Consideration is what each side in a contract each side must agree to give up to make the contract legally binding.  In a contract, one party’s Consideration (thing given) is exchanged for another  party’s  Consideration.  Consideration is...
What are Articles of Incorporation?

What are Articles of Incorporation?

This is a legal document used to create a business entity and usually contains the entity’s name, type of business, and business structure. Many businesses in the United States and Canada are formed as a corporation.  This is a type of business entity...