Forms of Business Ownership
Who governs a nonprofit organization?
Board of directors
What type of energy is encouraged by environmental policies (e.g. subsidies, tax breaks, etc)?
Renewable
What law protects consumers from false advertising by businesses?
Consumer protection
58. Which of the following is an example of a legally binding contract:
A. A verbal expression of interest in an apartment
B. Terms and conditions associated with software
C. The purchase of an airline ticket
D. Making a doctor's appointment
B. Terms and conditions associated with software
What tort involves entering someone’s property or business without permission?
Trespass
Which ownership type is easiest to form with minimal regulation?
Sole proprietorship
What agency handles environmental laws?
Environmental Protection Agency
What is protected by patents, trademarks, copyrights, and trade secrets?
Intellectual Property
What does "genuineness of ascent" mean?
All parties know what they are agreeing to
What tort involves making false statements that harm a business?
Defamation
What do franchisees pay regularly to the franchisor?
Royalty fees
What do businesses need to release pollution legally?
Permit
What agreement prevents employees from sharing company secrets?
Non-disclosure agreement
What term describes a contract missing an essential element?
Void Contract
What tort involves invading a person’s or business’s private information?
Invasion of Privacy
Do you have to file for incorporation for a sole proprietorship?
No
What law controls air pollution from businesses?
Clean Air Act
What law protects a company’s brand name and logo?
Trademark law
What term describes something of value exchanged in a contract?
Consideration
What tort involves knowingly misleading customers for financial gain?
Fraud
True or false: An S-corp can experience double taxation and must have >100 shareholders
An S Corporation is a tax designation for corporations with <100 shareholders.
It prevents corporations from experiencing double taxation, which is when profits are taxed for the corporation and shareholders.
What is the term for meeting present needs without harming future generations?
Sustainability
What law prevents businesses from engaging in unfair competition?
Antitrust law
What refers to a party’s legal ability to enter a contract?
Capacity
What tort occurs when confidential business information is improperly used?
Misappropriation