Fundamentals
The law is helpful to business because
This contract element requires legal benefit and legal detriment
What is consideration
The subject matter of Article 2
What is sale of goods
What is a sole proprietorship?
The law regards a corporation as this
What is a person?
The statute of frauds requires this
What is a written contract
The title acquired by a lessee
What is none
These 3 characteristics describe a general partnership
What are "2 or more people" who "co-own and co-manage" and "split profits"?
This is the primary advantage of incorporation
What is strong liability protection for owners
This requires courts to follow established rulings in similar cases
What is the doctrine of Stare Decisis
This element is missing from a contract made by a 16-year old
What is capacity?
This "gap" in contract terms cannot be filled by the UCC default rules
This type of entity can choose to be taxed under corporate tax rules
What is an LLC
What is when corporate leadership makes a bad/unprofitable decision in good faith
This business strategy purposely ignores the law in some instances
What is non-compliance?
Non-monetary solutions for breach of contract
What are equitable remedies?
A seller's promise that a product is waterproof when submersed for up to 50 feet is an example of this
What are LLCs, LLPs, and corporations
This group owns the corporation.
What are shareholders?
This concept is based on identification of important business and social issues and critique of business operations and practices
What is Corporate Social Responsibility?
The type of title held by an innocent person who buys a stolen car
Void
What are liquidated damages
These factors are most important in determining the right type of entity for your business
What are liability risks and tax implications
What is "piercing the corporate veil"?