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 These laws have been repealed and/or found to be in violation of state constitutions in several states.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 machines,

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 adopted child.

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 requirements.

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.