Business Legal Terms Glossary

Concise definitions of key legal terminology related to business law, contracts, corporate structures, intellectual property, and commercial regulations.

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  • Alternative Dispute ResolutionMethods for resolving disputes outside of traditional courtroom litigation, such as mediation and arbitration.

  • ArbitrationA private dispute resolution process where parties agree to be bound by a third party's decision.

  • Breach of ContractA breach of contract occurs when one party fails to fulfill its obligations under a legally binding agreement.

  • ContractA legally binding agreement between two or more parties that creates mutual obligations to be performed.

  • CorporationA legally created business entity with rights and liabilities separate from its owners, having perpetual existence and centralized management.

  • Limited Liability CompanyA flexible business structure combining liability protection and pass-through taxation while allowing owner management involvement.

  • MediationA voluntary dispute resolution process facilitated by a neutral third party mediator.

  • PartnershipA business owned by two or more people who share profits, liabilities, and management responsibilities through a legally formed agreement.

  • ShareholdersOwners of a corporation who have purchased shares representing equity stake and are entitled to certain rights and claims on assets/profits.