Business Law GLOSSARY
Glossary of Business Law Terms
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National Origin Discrimination: Discrimination on the
basis of an employee's ethnicity.
Negligence: Failure to exercise reasonable care to avoid
injuring others or their property. Negligence includes both actions
and failure to act.
No Par Shares: Shares for which there is no designated par
Non- Compete Agreement: A contract (or part of a contract)
in which an employee promises not to work for a competing employer
(or to set up a competing business) during, or for a certain length
of time after, the employment with the employer.
Non-Profit Corporation: A business organization that
serves some public purpose, and therefore enjoys special treatment
under the law. Nonprofits corporations, contrary to their name, can
make a profit, but cannot be designed primarily for profit-making.
Distributions upon liquidation typically must be made to another