Business Organization
____ is what the owners of a LLC are called
Members
If Defamation is oral, it is called?
Slander
Land is an example of what type of property?
Real
What are the two terms used to relate to the number of owners of a business organization
Closely held & Publicly Held
What are the two types of Damages awarded in Tort Law?
Compensatory Damages & Punitive Damages
State and local governments regulate land use through
Zoning Laws
Name the 3 basic forms of an organization
Sole Proprietorships, Partnerships, Corporations
Identify the elements a Plaintiff must establish to assert a claim of negligence.
Duty of Care, Breach of duty, Causation in fact, Proximate Causation, Actual Injury
___ is an ownership in land for the lifetime of the specified person.
Life Estate
Name the 4 hybrid forms of an organization
Limited Partnership, S Corporations, Limited Liability Companies, Limited Liability Partnerships
What are the 3 defences to Negligence?
Contributory Negligence, Comparative Negligence and Assumption of Risk
When someone contributes materials and/or services to real estate, and is not paid
Mechanic’s Liens
In the corporate hierarchy, the chain of command goes Shareholders - _____ - Officers - Employees.
Board of Directors
What are the two main reasons for Tort Reform?
Make it more difficult for victims to file tort lawsuits, limit the compensation victims can recover
A type of property right that grants a person or entity permission to use another person's land for a specific purpose is called an _______.
Easement