Business Structures Overview

<p>Drawing on promises made when it would be unjust not to. (B)</p> Signup and view all the answers

<p>Govern the initial issuance of securities. (C)</p> Signup and view all the answers

<p>Chapter 13 (C)</p> Signup and view all the answers

<p>Shares are bought directly from the company's shareholders. (D)</p> Signup and view all the answers

<p>A contract that is defective but related to tangible items. (C)</p> Signup and view all the answers

<p>20 years (D)</p> Signup and view all the answers

<p>Utility patent (D)</p> Signup and view all the answers

<p>You can purchase and sell the material but not copy it. (C)</p> Signup and view all the answers

<p>You must fill out a patent application. (C)</p> Signup and view all the answers

<p>To protect employee safety and enforce regulations in the workplace. (C)</p> Signup and view all the answers

<p>Without showing any reason, unless exceptions apply. (C)</p> Signup and view all the answers

<p>Utility patent (C)</p> Signup and view all the answers

<p>Intentional infliction of emotional distress (A)</p> Signup and view all the answers

<p>Duty of loyalty (B)</p> Signup and view all the answers

<p>Registered agent (A)</p> Signup and view all the answers

<p>Cumulative voting (D)</p> Signup and view all the answers

<p>Corporate veil (C)</p> Signup and view all the answers

<p>Having a public board meeting (D)</p> Signup and view all the answers

<p>President (C)</p> Signup and view all the answers

<p>Piercing the corporate veil (D)</p> Signup and view all the answers

<p>Authorized stock (D)</p> Signup and view all the answers

<p>Quasi contract (B)</p> Signup and view all the answers

<p>Acceptance must match the offer exactly (D)</p> Signup and view all the answers

<p>Acceptance is binding upon sending (B)</p> Signup and view all the answers

<p>A peppercorn (C)</p> Signup and view all the answers

<p>It cannot be relied upon to sue for additional payment (A)</p> Signup and view all the answers

<p>Illegality of subject matter (C)</p> Signup and view all the answers

<p>They are mostly unenforceable (D)</p> Signup and view all the answers

<p>To transfer liability away from a party (A)</p> Signup and view all the answers

<p>40 years (C)</p> Signup and view all the answers

<p>If the person is intoxicated (A)</p> Signup and view all the answers

<p>Parole evidence rule (C)</p> Signup and view all the answers

<p>An announcement of intent to breach the agreement (B)</p> Signup and view all the answers

<p>Consent must be given freely (A)</p> Signup and view all the answers

<p>A condition precedent must be met (B)</p> Signup and view all the answers

<p>The performance must be reasonably adequate (C)</p> Signup and view all the answers

<p>A party who benefits from the contract but is not involved in it (B)</p> Signup and view all the answers

<p>Health insurance for 18 months (B)</p> Signup and view all the answers

<p>ERISA (D)</p> Signup and view all the answers

<p>Discrimination against individuals over 40 (C)</p> Signup and view all the answers

<p>An agreement where one job benefit is exchanged for sexual favors (C)</p> Signup and view all the answers

<p>Use of genetic information in hiring decisions (A)</p> Signup and view all the answers

<p>It requires unanimous consent for selling the property. (B)</p> Signup and view all the answers

<p>Use the property for their lifetime, after which it reverts to another party. (A)</p> Signup and view all the answers

<p>A measure to promote equal treatment in the workplace (D)</p> Signup and view all the answers

<p>Limited liability company (C), Corporation (D)</p> Signup and view all the answers

<p>The name of the corporation must include 'Inc.' or 'Corp.' (B)</p> Signup and view all the answers

<p>Allowing creditors to pursue personal assets of shareholders (D)</p> Signup and view all the answers

<p>Limited liability company (C)</p> Signup and view all the answers

<p>Directors (B)</p> Signup and view all the answers

<p>Authorized stock (D)</p> Signup and view all the answers

<p>Duty of care (D)</p> Signup and view all the answers

<p>To protect managers from liability for honest mistakes (A)</p> Signup and view all the answers

<p>All assets and liabilities are transferred to the surviving company. (A)</p> Signup and view all the answers

<p>Chapter 7 (C)</p> Signup and view all the answers

<p>Offer, acceptance, and consideration. (B)</p> Signup and view all the answers

<p>A party's reliance on a promise that leads to injury. (C)</p> Signup and view all the answers

<p>To oversee transactions involving previously issued securities. (B)</p> Signup and view all the answers

<p>The buyer pays for assets without any liability transfer. (B)</p> Signup and view all the answers

<p>It involves restructuring debts for individual wage earners. (C)</p> Signup and view all the answers

<p>It governs commercial transactions and sales of goods. (B)</p> Signup and view all the answers

<p>Because the minor lacks the legal capacity to enter into a contract (A)</p> Signup and view all the answers

<p>An acceptance is binding the moment it is mailed, regardless of when it is received (D)</p> Signup and view all the answers

<p>Each party must provide something of value or consideration (A)</p> Signup and view all the answers

<p>It does not constitute valid consideration for a new contract (B)</p> Signup and view all the answers

<p>They are often seen as restricting employee rights unnecessarily (D)</p> Signup and view all the answers

<p>To protect one party from future liability to another (D)</p> Signup and view all the answers

<p>An acceptance must reflect the exact terms of the offer (D)</p> Signup and view all the answers

<p>The contract is considered defective and may be unenforceable (B)</p> Signup and view all the answers

<p>18 years (D)</p> Signup and view all the answers

<p>Performance should reflect a reasonable effort (C)</p> Signup and view all the answers

<p>Time of the essence (C)</p> Signup and view all the answers

<p>A person who gains benefits from the contract but is not a direct party (B)</p> Signup and view all the answers

<p>The other party's obligations are automatically voided (B)</p> Signup and view all the answers

<p>Contracts dealing with land (C)</p> Signup and view all the answers

<p>Consent must be freely given without fraud or undue influence (D)</p> Signup and view all the answers

<p>The written contract is the sole evidence in disputes (C)</p> Signup and view all the answers

<p>To require equal pay for comparable work regardless of sex (D)</p> Signup and view all the answers

<p>Ownership that lasts for the duration of a person's life (C)</p> Signup and view all the answers

<p>Americans with Disabilities Act (D)</p> Signup and view all the answers

<p>Exchanging work favors for sexual advances (A)</p> Signup and view all the answers

<p>Extension of health insurance coverage for a limited time (D)</p> Signup and view all the answers

<p>Prohibits employment discrimination based on race, color, or religion (B)</p> Signup and view all the answers

<p>Life estate (C)</p> Signup and view all the answers

<p>The use of genetic information in employment decisions (D)</p> Signup and view all the answers

<p>Utility patents last for 20 years, while design patents last for 15 years. (A)</p> Signup and view all the answers

<p>Copyright protection is automatic upon creating a tangible expression of an idea. (D)</p> Signup and view all the answers

<p>Take up to 12 weeks of unpaid leave for specific family or medical circumstances. (B)</p> Signup and view all the answers

<p>OSHA is a federal agency that protects employee safety and enforces regulations. (C)</p> Signup and view all the answers

<p>Employers can terminate employees without providing a reason, but this has exceptions. (C)</p> Signup and view all the answers

<p>Age Discrimination Act (A)</p> Signup and view all the answers

<p>Sell purchased copyrighted material but not make copies. (A)</p> Signup and view all the answers

<p>Utility patent (A)</p> Signup and view all the answers

<p>A president and secretary (C)</p> Signup and view all the answers

<p>Personal assets of sole proprietors can be seized for business debts. (B), LLC members are liable for the company's obligations only up to their investment. (D)</p> Signup and view all the answers

<p>Improving the company's overall benefits. (A)</p> Signup and view all the answers

<p>Corporate veil (D)</p> Signup and view all the answers

<p>When the corporation engages in wrongful conduct. (B)</p> Signup and view all the answers

<p>Shareholders own the corporation and have voting rights. (B)</p> Signup and view all the answers

<p>Member-managed, manager-managed, and employee-managed (D)</p> Signup and view all the answers

<p>The maximum amount of stock a company can legally use. (C)</p> Signup and view all the answers

<p>The buyer only acquires specific assets without liabilities (A)</p> Signup and view all the answers

<p>Chapter 11 (B)</p> Signup and view all the answers

<p>Witness signatures (A)</p> Signup and view all the answers

<p>Subsequent buying and selling of securities (B)</p> Signup and view all the answers

<p>Chapter 13 (A)</p> Signup and view all the answers

<p>A situation with a defective contract requiring restitution (A)</p> Signup and view all the answers

<p>To govern and regulate the initial offerings of securities (B)</p> Signup and view all the answers

<p>40 years (C)</p> Signup and view all the answers

<p>All parties must understand the nature of the agreement (A)</p> Signup and view all the answers

<p>A condition that must occur before one party's duty is triggered (B)</p> Signup and view all the answers

<p>Only the written contract (A)</p> Signup and view all the answers

<p>Performance should show a good faith effort (A)</p> Signup and view all the answers

<p>Terminate the contract immediately (A)</p> Signup and view all the answers

<p>Temporary custody without ownership transfer (C)</p> Signup and view all the answers

<p>Written consent from all parties (C)</p> Signup and view all the answers

<p>Quasi-contract (D)</p> Signup and view all the answers

<p>An acceptance is binding upon mailing, regardless of receipt. (C)</p> Signup and view all the answers

<p>It requires the acceptance to exactly match the terms of the offer. (C)</p> Signup and view all the answers

<p>Preexisting duties cannot serve as consideration (D)</p> Signup and view all the answers

<p>Subject matter must be legal for a contract to be valid. (A)</p> Signup and view all the answers

<p>They aim to relieve a party from any future liabilities. (D)</p> Signup and view all the answers

<p>An employee is restricted from entering similar employment for a certain period. (C)</p> Signup and view all the answers

<p>Minimal consideration is sufficient to validate a contract. (D)</p> Signup and view all the answers

<p>Equal pay for comparable work, irrespective of gender (A)</p> Signup and view all the answers

<p>It obligates employers to make reasonable accommodations for employees with disabilities (D)</p> Signup and view all the answers

<p>Providing promotions in exchange for sexual favors (C)</p> Signup and view all the answers

<p>Threatening employees for union participation (B)</p> Signup and view all the answers

<p>Protection against the use of genetic information in employment decisions (C)</p> Signup and view all the answers

<p>Complete ownership without any limitations (D)</p> Signup and view all the answers

<p>Discrimination faced by non-minority individuals in favor of minorities (D)</p> Signup and view all the answers

<p>It covers the unique visual qualities of a manufactured product. (B)</p> Signup and view all the answers

<p>Employment at Will doctrine (C)</p> Signup and view all the answers

<p>To increase penalties for online copyright infringement. (A)</p> Signup and view all the answers

<p>If the state laws allow it. (B)</p> Signup and view all the answers

<p>Sell the original material without further reproduction. (A)</p> Signup and view all the answers

<p>Utility patent (A)</p> Signup and view all the answers

<p>An act of workplace harassment that leads to emotional trauma. (C)</p> Signup and view all the answers

<p>A right to 12 weeks of unpaid leave for specific family and medical reasons. (B)</p> Signup and view all the answers

The owner is personally liable for all business debts and obligations.

Owners (members) of an LLC have limited liability; their personal assets are protected from business debts.

A legal protection shielding company owners from personal liability for business debts.

When a court removes the corporate protection, making owners personally liable for business debts.

A rule protecting managers from liability for bad business decisions, as long as they acted in good faith.

Managers can't take business opportunities away from their companies.

The person designated to receive legal notices and documents for a corporation or LLC.

The maximum number of shares a company can legally issue.

A legal theory allowing recovery, even without a formal contract, when one party benefits from another's work.

Acceptance must exactly match the offer; any change makes it a counteroffer.

Acceptance is effective when sent, not when received.

Something of value exchanged by each party in a contract.

A promise to do something a person is already legally obligated to do is not valid consideration.

A contract involving an unlicensed individual is often unenforceable.

Contracts restricting an employee's ability to work with competitors.

Attempts to release a party from future liability for their actions.

Buying only the assets of a company, not its liabilities.

Combining two companies into one, inheriting both assets and liabilities

Buying ownership shares (stock) directly from shareholders.

Liquidating a company's assets to resolve debts. Everything is sold, money divided among creditors.

Reorganization of a business to manage debt and stay in operation, with bankruptcy court assistance.

Legal principle, preventing a party from reneging on a promise that caused reliance.

A body of laws regulating contracts specifically for the sale of goods. This is a statute creating contracts.

A patent that protects the unique design of an object, like the appearance of a product or its shape.

A patent that protects a new and useful invention or process. It's for something completely new.

A patent that protects a new and distinct variety of plant.

A legal right that protects the original expression of an idea (like writings, music, or art), but not the idea itself.

A copyright law principle that allows someone who legally purchases a copyrighted work to resell it but not to make copies of it.

An exception to the First Sale Doctrine, where someone can use copyrighted material to make a parody (a humorous or satirical imitation) without infringing copyright.

A symbol, design, or phrase legally registered to represent a company or product, used to identify and distinguish it from its competitors.

A legal principle that allows employers to hire and fire employees at any time without having to give a reason.

Allows employees to continue their health insurance for 18 months after job loss, but they must pay premiums themselves.

An entitlement program providing benefits for retirement, unemployment, and disability.

Protects workers covered by private pension plans, ensuring they receive retirement benefits.

Protects workers' right to form unions and participate in collective bargaining.

The 14th Amendment prohibits government entities from discriminating in the workplace, as it violates equal protection.

A federal law requiring equal pay for comparable work, regardless of gender.

Prohibits discrimination in employment based on race, color, religion, sex, or national origin.

Complete ownership of land with all rights, including surface, subsurface, and airspace.

An arrangement where one party (the bailor) entrusts personal property to another party (the bailee) for a specific purpose, like leaving clothes in a gym locker.

A contract is typically voidable if a party is under 18 years old, meaning they can choose to be bound by the agreement or void it.

Valid contracts require freely given consent. If consent is obtained through fraud, mistake, or undue influence, it's not valid.

Some contracts need to be written to be legally enforceable, such as those dealing with land.

A written contract is the primary source of evidence in disputes. Oral agreements outside the written contract can't be used to contradict or modify its terms.

A person who benefits from a contract even though they're not directly involved in the agreement, like a subcontractor on a construction project.

A condition in a contract that must be met before one party's obligation kicks in, like the buyer's duty to purchase being contingent on financing approval.

Contract clauses stating that deadlines are strictly enforced, and any delay can be considered a breach.

A proposal to enter into a contract. It must be specific enough to be considered a real offer, not just a general advertisement.

A promise to do something you're already legally obligated to do is NOT valid consideration. If you're already required to do something, promising to do it doesn't create new value.

If someone enters into a contract without the required license, the contract may be defective and unenforceable.

Individuals under the age of 18 usually can't enter into valid contracts.

Something that must happen before a party's obligation in a contract starts. Like the buyer's duty to purchase a house could depend on getting financing.

A legal claim an employee can make if they were fired without a valid reason, like due to discrimination or violating a contract.

A type of sexual harassment where someone offers a job benefit (like a promotion) in exchange for sexual favors.

A type of sexual harassment that creates an intimidating, hostile, or offensive work environment, often through unwanted sexual advances, jokes, or behaviors.

A law requiring employers to make reasonable accommodations for individuals with disabilities.

Each partner is personally liable for all business debts and obligations, including those of other partners.

Shareholders have limited liability, meaning their personal assets are protected from business debts.

The maximum number of shares a company can legally issue. This sets a limit on how much money it can raise by selling stock.

A designated individual or entity responsible for receiving official mailings and legal documents on behalf of the corporation or LLC.

A legal concept protecting individuals associated with a business from personal liability for business debts.

A legal action where a court removes the protection of the corporate veil, making individuals liable for business debts.

A business owned and run by one person, with no legal distinction between the owner and the business. The owner has complete control and is personally liable for all debts and obligations.

A business owned and run by two or more individuals, who share profits, losses, and liabilities. Each partner has personal liability for all business debts, even if they were not directly involved in the activity that caused the debt.

A legal entity separate from its owners (shareholders), formed under state law. Owners have limited liability, meaning their personal assets are protected from business debts. Corporations are usually more complex to create and operate.

A hybrid business structure, combining features of partnerships and corporations. Owners (members) have limited liability, similar to corporations, but often enjoy simpler tax treatment, similar to partnerships.

A legal obligation of corporate managers to prioritize the company's interests over their own personal gain. Always act in the best interests of the company.

A legal obligation of corporate managers to make informed and reasonable decisions in the best interests of the company, avoiding negligence or recklessness.

Where a party announces ahead of time that they're going to break the contract, it discharges the other party from any duty to perform.

Even something of little value can be considered valid consideration in a contract.