4 conditions of adverse possession (squatter's rights).
What are: 1) Open and notorious, 2) Unchallenged, 3) Exclusive, and 4) Continuous.
100
A business involving two or more individuals
What is a partnership?
100
The time required to pay off the principal completely at a fixed interest rate.
What is amortization?
100
The business acquires ownership at the end of the lease period after the payment of a lump sum.
What are conditional sales contracts?
100
Covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
What is fidelity insurance?
200
What do business partners owe each other?
What is a duty of good faith?
200
Land, buildings and fixtures.
What is real property?
200
A business or organization that is separate and distinct from its owners.
What is corporation?
200
Restrictive covenant placed on land by a municipality.
What is zoning?
200
Type of insurance that covers the business for the cost of a claim made by a member of the public that has suffered injury or property damage as a result of your business or a product it has supplied.
What is public liability insurance?
300
How is income earned from a partnership or sole proprietorship is reported?
What is on the individual's income tax return?
300
A type of license that a party acquires to allow them to have access to a business's proprietary knowledge, processes and trademarks in order to allow the party to sell a product or provide a service under the business's name.
What is a franchise?
300
Right to use another’s land for a specific purpose.
What is an easement?
300
An unpaid repairer or storer of any equipment may be entitled to put a lien on it.
What are chattel liens?
300
A clause in the purchase agreement to restrict the seller from competing with the business for a reasonable amount of time within a reasonable geographical location. These clauses may also be found in employment contracts which restrict an employee from using trade secrets, confidential information and trade connections.
What are non-competition/non-solicitation clauses?
400
One business owner operates at several locations.
What is a chain?
400
A restriction placed on some aspect of land use.
What is a restrictive covenant?
400
Rights under a contract or debt instrument, goodwill, and ownership of a trademark.
What are intangibles?
400
A symbol, word, name or device used to identify or signify a company or its product.
What is trademark?
400
List 3 ways to finance a new or existing business.
What are: equity/stock financing, sale of assets, and debt financing?
500
Chattels (tangible items) and intangibles (intellectual property, financial papers and rights such as those under a contract).
What is personal property?
500
Meaning of mortgage in French Law.
What is "death-pledge" or "death contract".
500
List the possible outcomes if you defaulted on your mortgage.
What are: foreclosure, power of sale, taking possession of the property, action on the covenant, seizure and sale of the property at auction?
500
Five (5) main types of insurance a business should consider.
What are: Public liability, Fire and theft, Business interruption, Event insurance, and Fidelity insurance?
500
5 tiers of the corporate structure.
Who are: Shareholders, Board of Directors, Statutory Officers, Employees, and Creditors?