Business Law GLOSSARY
Glossary of Business Law Terms
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Fair Trade Laws: State laws which permit manufacturers or
producers to set minimum rates for resale of the product. These laws
have been repealed and/or found to be in violation of state
constitutions in several states.
Fair Use: The non-competitive right to use of copyrighted
material without giving the author the right to compensation or to
sue for infringement of copyright. With the growing use of copy
Family Medical Leave Act: The federal law that requires
certain employers to give time off to employees to take care of
their own or a family member's illness, or to care for a newborn or
Fictitious Business Name: A company whose operating name
differs from its legal name is said to be doing business under a
fictitious business name. Some states require DBA (doing business
as) or fictitious business name filings to be made for the
protection of consumers conducting business with the entity.
Fiduciary Relationship: A special relationship in which
one party, the fiduciary, owes heightened duties of good faith and
responsibility to the other party.
Final Judgment: The written ruling on a lawsuit by the
judge who presided at trial. This completes the case unless it is
appealed to a higher court. This term can be used interchangeably
with a final decree or final decision.
Foreign Corporation: A corporation which is incorporated
under the laws of a different state or nation. A "foreign"
corporation must file a notice of doing business in any state in
which it does substantial regular business.
Franchise Tax: A tax levied in consideration for the
privilege of either incorporating or qualifying to do business in a
certain state. A franchise tax may be based upon income, assets,
outstanding shares, or a combination.
Franchise: A right granted by the government to a person
or corporation, such as a taxi permit, bus route, an airline's use
of a public airport, business license or corporate existence.
Fraud: Occurs when intentional false statements are made
to entice a victim to give up something of value.
Front Pay: A type of damages award in an employment
lawsuit that represents the amount of money the employee would have
earned if the employee was reinstated or hired into the
higher-paying position from which he or she was illegally rejected.
Fully Reporting Company: A public company that is subject
to the Securities and Exchange Commission's periodic reporting
Fungible Things: Sometimes merely called "fungibles,"
goods which are interchangeable, often sold or delivered in bulk,
since any one of them is as good as another. Grain or gravel are
fungibles, as are securities which are identical.