The Law Dictionary for Everyone
The National Labor Relations Act (“NLRA”), also referred to as the “Wagner Act,” is a law enacted by the federal government for the purpose of regulating labor and management practices. The primary goal of the Act is to protect the rights of private sector employees and to improve the inequality of bargaining power that exists between employees and employers. It […]
Read moreThe National Labor Relations Board, also known as the “NLRB,” is an agency within the United States government that is responsible for solving issues related to unfair labor practices. The agency also elects labor union representatives and ensures that industries follow the laws set by the National Labor Relations Act. To explore this concept, consider the following National Labor Relations […]
Read moreA term used in contract law, a “covenant not to compete” is an agreement in which an individual, usually an employee, agrees not to work for the other party’s competition in a specified geographical area for a specified length of time. Also referred to as a “non-compete clause,” or “non-compete agreement,” this type of legal agreement is commonly used in […]
Read moreA distributor is one who buys products from a supplier, warehouses them, then sells them to retailers or to end-use customers. A distributorship agreement is a contract made between an individual or entity (the “distributor”) and the supplier, setting out the terms under which the distributor may sell the products. Products are purchased from the supplier at a low cost, […]
Read moreAccredited investor is a term used to define certain individuals and entities that are allowed to engage in higher risk investments, or to invest on a large-scale basis. Such investments may include seed money, hedge funds, private placements, and angel investor networks. Accredited investors are generally wealth individuals and such organizations as banks, insurance companies, large charities, and some retirement […]
Read moreA limited liability company is a U.S. form of privately owned company that combines the limited liability of a corporation with the simplified taxation of a sole proprietorship or partnership. Owners of a limited liability company, referred to as an “LLC,” report the company’s profits and losses on their personal income tax returns, rather than preparing separate corporate tax returns. […]
Read moreIn legal and governmental use, the term “appropriation” refers to the act of designating a certain amount of money for a specific use. The term is often used in reference to budgeting and the creation of spending bills. Translated literally as “to make one’s own,” or “to set aside,” appropriation may also refer to an intentional, often unauthorized, acquisition of […]
Read moreCollective bargaining is the negotiation process that takes place between an employer and a group of employees when certain issues arise. The employees rely on a union member to represent them during the bargaining process, and the negotiations often relate to regulating such issues as working conditions, employee safety, training, wages, and layoffs. When an agreement is reached, the resulting […]
Read moreImplied authority, also known as “usual authority,” is the authority of an agent acting on behalf of another person or entity. The person acting with implied authority does what is reasonably necessary in order to effectively perform his duties. The acts undertaken surrounding the use of implied authority depend on the circumstances and the case. To explore this concept, consider […]
Read moreJoint Venture meaning in law When two or more parties, whether individuals or entities, enter into an agreement to combine resources for a specific business undertaking, it is referred to as a “joint venture.” The organization of a joint venture serves as a short term partnership for the duration of the project, in which each participant shares responsibility for the […]
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