Contract & Sales
The element of a contract that involves something of value exchanged between parties, like cash or goods.
What is Consideration?
Land, buildings, and houses are classified as this type of immovable property.
What is Real Property?
This law ensures that electronic contracts and digital signatures are as legally binding as ink signatures.
What is the ESIGN Act?
The tax collected directly from retail customers when purchasing goods.
What is Sales Tax?
A new game studio writes unique code for a video game and sells digital downloads on their website.
What are Copyright (IP Law) and E-Commerce Law?
This standardized code provides uniform rules across the United States for sales transactions
What is the UCC (Uniform Commercial Code)?
The Nike Swoosh and Apple logo are protected under this form of intellectual property.
What is a Trademark?
A bankruptcy process where a failing business shuts down completely and sells its assets to pay debts.
What is Liquidation?
This business tax is paid based on total profits earned by the business.
What is Income Tax?
A company buys a delivery truck and pays taxes on the wages of the driver they hired.
What are Property Law (Personal Property) and Tax Law (Payroll Tax)?
The 5 required elements of a valid contract are offer, acceptance, legality, capacity, and this.
What is consideration?
Equipment, inventory, and vehicles belong to this moveable category of property.
What is Personal Property?
Unlike liquidation, this bankruptcy option allows a business to stay open while restructuring its debts.
What is Reorganization?
Taxes paid on employee wages that specifically fund Social Security and Medicare.
What is Payroll Tax?
A business signs a contract online to purchase a piece of commercial land.
What are E-Commerce Law (ESIGN Act), Contract Law, and Property Law (Real Property)?
Rules regarding guarantees on product quality and who bears shipping risks fall under this area of law.
What is Sales Law?
The legal document used to prove ownership of real property.
What is a Deed?
E-Commerce law frequently addresses challenges in online safety, including cybersecurity, online fraud, and this user safety issue.
What is Data Privacy?
Legal expense write-offs that businesses use during tax planning to reduce taxable income and maximize financial health.
What are Deductions?
A business restructures its debts to avoid closing while continuing to collect sales tax from retail customers.
What are Bankruptcy Law (Reorganization) and Tax Law (Sales Tax)?
A 14-year-old signs an agreement to buy a car, but the seller cannot enforce it because the teenager lacks this contract element.
What is Capacity?
Coca-Cola protects its secret formula as this form of intellectual property instead of taking out a patent.
What is a Trade Secret?
This area of law gives struggling businesses a second chance by managing unpayable debt.
What is Bankruptcy Law?
Following tax rules to avoid government fines and penalties is known as maintaining this status.
What is Tax Compliance?
A company creates a brand new logo for their online store.
What are Intellectual Property Law (Trademark) and E-Commerce Law?