Bankruptcy
Another word for Ch.7 Bankruptcy.
What is Liquidation?
The backbone of most business operations.
What is contract law?
Governs ownership are both tangible and intangible products.
What is property law?
Grants creators exclusive rights to use and benefit from their creations.
The body of laws and regulations governing the sale of goods and services.
What is sales law?
Primarily used by businesses, but individuals with significant debts can also use it.
What is Business Reorganization Bankruptcy?
Provides trust and reliability between business relationships and economic transactions.
Why contract enforcement is important?
Government needs this to seize private property for public use.
What is fair compensation?
The number of forms for intellectual property.
What is 4 forms?
Assumed by law
What is implied warranties?
The three types of bankruptcy.
What is liquidation, reorganization, and business reorganization?
Offer, acceptance, consideration, capacity, legality
What are the elements in contract law?
One is immovable, one is moveable.
What is real property vs personal property?
Protect logos,words and brands.
What is trademarks?
Explicit promises about the product.
What is express warranties?
A homeowner facing foreclosure due to missed mortgage payments but still earning a steady income.
What is an example of Reorganization Bankruptcy?
Mutual consent, legality of purpose, and acceptance and consideration.
What are the key values of contract law?
Grants individuals control over their property.
What is property rights?
Makes it clear who owns an idea.
How does intellectual property help buisnesses stand out?
Seller pays until goods are on board; buyer pays from there.
What is free on board?
Available to individuals with regular income.
What is reorganization bankruptcy?
Minors can't complete contract without consent.
What is capacity?
Crucial for providing and transferring property ownership.
What are deeds?
Encourages investment in new ideas and technologies.
How does intellectual property benefit society?
A comprehensive set of laws governing all commercial transactions in the US.
What is Uniform Commercial Code?