Sales Law
The body of laws and regulations governing the sale of goods and services?
What is sales law
Legal rules and regulations governing how taxes are collected, managed, and enforced by the government
What is tax law
Body of law that governs the rights and obligations from agreements between people and companies
What is contract law
Governs ownership of both tangible and intangible objects
What is property law
The legal processes through which individuals or businesses who are unable to repay debt seek relief
What is bankruptcy law
Explicit promises about the product
What are express warranties
Tax on profits earned by businesses
What is income tax
Two parties have to exchange something of value
What is consideration
Consists of land and buildings and immovable
What is real property
Most remaining debts are discharged giving the debtor a fresh start
What is liquidation bankruptcy
Assumed by law
What are implied warranties
Taxes imposed on the sale of goods and services
What is sales tax
The legal ability to enter a contract
What is capacity
Includes all personal property that is intangible and not permanently affixed to real property
What is personal property
Allows debtors to keep their property and create a repayment plan
Seller pays until goods are on board, buyer pays from there
What is free on board
Contract must be legal so it can be enforceable
What is legality
Are crucial for proving and transferring property ownership
What is the importance of deeds
Allows businesses to continue operating restructuring debts
What is business reorganization bankruptcy
Specifies when goods must be delivered
What is delivery term
Taxes that businesses must pay based on the wages and salaries they pay to their employees
What is payroll tax
An offer being made by one to another
What is an offer
A type of legal dispute that involves real estate
What are property disputes
Businesses can reorganize their debt under court supervision allowing them to negotiate favorable terms
What is bankruptcy helping