Chapter 7: Forms of Carrying Business
Name the types of business structure
1. Sole proprietorship
2. Partnership
3. Corporation
4. Co-operative
What is the difference between a secured vs unsecured loan?
Secured - loan given with collateral that the lender can sell to repay the loan
Unsecured - loan given without collateral
What are the three main restrictive covenants?
1. Non-compete
2. Non-solicitation
3. Non-disclosure
Name and explain the types of bailment
•Lucrative bailment: money or other payment changes hands
•Constructive bailment: the bailor loses personal property, which comes into the possession of the bailee
•Special bailment: particular obligations are imposed by statute on certain bailment relationships, such as those undertaken in the hotel business
•Gratuitous bailment: no money or other payment changes hands
What are the five types of IP?
1. Patent
2. Trademark
3. Copyright
4. Industrial design
5. Trade secret
1. General partnership
2. Limited partnership
3. Limited liability partnership
______ Establishes a presumptive baseline for key contract terms like the transfer of title, basic contractual duties, and remedies for breach.
Sale of Goods Act
What is the point to which an employer must accommodate an employee?
Undue hardship
Why would a company choose to lease instead of buy
•Do not tie up capital
•Increase a business’s flexibility to change locations
•May decrease maintenance responsibilities
What are the requirements in order to copyright something?
1. Originality
2. Fixed
What is an advantage of incorporating?
Limited personal liability
What is the difference between a conditions and warranties of the Sale of Goods Act?
Conditions are major contractual terms, warranties are minor contractual terms. Breach of condition will end a contract, but breach of a warranty does not.
What is the term for continued employment that is intolerable due to fundamental changes to the employee's job?
Constructive dismissal
_____ allows landlords to regain possession of the premises when a tenant fails to pay the rent
Forefeiture
What are the requirements of something to be patented?
1. New
2. Useful
3. Non-obvious
What is it called when directors of a company can be held responsible for negligence?
Piercing/lifting the corporate veil
Name at least three conditions under the Sale of Goods Act
1. The seller has the right to sell the goods
2. Any goods sold by description will match the description by which they are sold
3. Any goods sold by description are of merchantable quality
4. The goods are fit for the purpose for which the buyer purchases them if the seller is aware of the buyer’s purpose
5. Any goods sold by sample will match the sample by which they are sold
Can an employer fire someone without just cause? What must be provided?
Yes. Reasonable notice
What are the common conditions and warranties of buying and selling real property?
Conditions:
•Conditional on financing
•Conditional on zoning approval
•Conditional on inspection
•Conditional on environmental audit
Warranties:
•Warranting no toxic wastes on property
•Warranting no asbestos in buildings
What are the types of marks covered by the Trademark Act
1. Ordinary marks
2. Distinguishig guise
3. Certification marks
What is the term for director's responsibility to act in the best interest of the corporation?
Fiduciary duty
Name at least three warranties under the Sale of Goods Act
1. That the buyer will enjoy quiet possession of the goods
2. That the goods are free of encumbrances
3. That if a time for delivery is not set out in the contract, delivery will be made within a reasonable time
4. That the seller will be paid in accordance with the terms of the contract
5. That absent lawful excuse, the buyer will accept the goods
What is the term for justified discrimination?
BFOR (bona fide occupational requirement)
______ is the time in an agreement when real property is legally transferred
Closing date
How can a business prevent trade secrets from being shared?