commercial law

Franchise Tax

A state law levied on businesses or corporations chartered within that state. The tax is typically based on the net worth of the taxpaying entity, rather than on income.

Franchisee

Definition from Nolo’s Plain-English Law DictionaryAn individual or entity that is granted a franchise.

Definition provided by Nolo’s Plain-English Law Dictionary.

Franchiser

Definition from Nolo’s Plain-English Law DictionaryAn individual or entity that grants a franchise; also spelled franchisor.

Definition provided by Nolo’s Plain-English Law Dictionary.

Fraudulent Concealment

Under contract law, a plaintiff can recover from a defendant on the grounds of fraudulent concealment where the defendant (1) concealed or suppressed a material fact; (2) had knowledge of this material fact; (3) that this material fact was not within...

Fraudulent Misrepresentation

Overview

Under contract law, a plaintiff can recover compensatory damages against a defendant when a court finds that the defendant has committed fraudulent misrepresentation. Courts will typically find that a defendant has committed fraudulent...

Free on Board (FOB)

Designation of the passing of risk of loss of goods from seller to buyer.

Free on Board (FOB) indicates that the seller is responsible for getting the goods onto a ship designated by the buyer. At this point, the risk of loss passes from the...

Free Trade

Economic ideology that advocates international trade without tariffs or discrimination by governments against imported products. NAFTA and the WTO are examples of treaties that seek to translate free trade ideals into practical legal rules.

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Freedom of Contract

The ability of parties to bargain and create the terms of their agreement as they desire without outside interference from government.

Frustration of Purpose

Under contract law, an excuse that can be used by a buyer for non-performance of contractual duties when a later and unforeseen event impedes the buyer's purpose for entering into the contract, and the seller at the time of entering the contract, knew...

FTC

An abbreviation for Federal Trade Commission

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