2. Explain how an individual ends a sole proprietorship. There is nothing need to filed with the state it’s personally liable for all obligations.
7. What is a limited liability partnership? All partners have limited liability.
8. Explain the two reasons for the importance of the corporate form of business organization. A partnership is a business relationship entered into by a formal agreement between two or more persons or corporations carrying on a business in common. The capital for a partnership is provided by the partners who are liable for the total debts of the firms and who share the profits and losses of the firm according to the terms of their agreement.
4. Under the Uniform Partnership Act, is partnership property owned in the name of the partnership or in the names of the partners? Under the uniform partnership act the property would be underthe names of the owners.
10. How will partnership profits and losses be shared if the partnership agreement does not fix the ratio? Losses are divided equally between both partners.
2. If no date for the dissolution of a partnership is fixed at the time the partnership is formed, when may the partners dissolve it? When they have an agreement.
5. What should the expulsion clause of a partnership agreement contain? Both parties must be in agreement of the conditions.
6. Does the temporary incapacity of a partner justify a court decree dissolving the partnership? Yes because for the moment the person responsible isnt capable of making decisions so it dissolves the partnership for the time being.
1. Why can it be said that the powers of a public corporation may be much greater than those of private corporations conducted for profit? Because a public corporation is a more general corporation and there is a bigger population in under their power.
6. What is a corporation’s articles of incorporation and what is their importance? Each state has its own system of approval of articles, prohibits names which are confusingly similar to those of existing corporations.
1. a. What is property? A thing or things belonging to someone; possessions collectively
b. May only the owner use property? Yes, unless the owner gives athority of shared ownership.
3. How is intellectual property protected? It is protected by the rules they set for their business.
7. When does a bailment occur? Bailment describes a legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person to another person
2. To what kinds of property does the term sale, as used in the UCC, not apply? To real property.
4. What determines whether a contract is for the sale of goods or the providing of a service? The contract must state clearly if its for providing service or for the sale of good because then taxes are required.
7. Can a buyer and a seller make a sale of future goods? Explain. Yes they could always have a resource before having made the purchase.
3. List five situations in which the absence of writing does not bar the proof of a sales contract for $500 or more. Nonresellable goods, recipts, paymentand acceptance.
4. Explain the receipt and acceptance exception to the Statute of Frauds.By obtaining a receipt the costumer and seller are both aware of the purchace.
5. Does part payment make an oral contract for goods worth more than $500 enforceable? Yes because when money is involved is best to have a written contract for evidence porpuses.
7. What can the signature required on writing by the Statute of Frauds consist of? It must consist of a signature date and print.
3. Is all behavior that discriminates against an employee or creates an abusive work atmosphere actionable under Title VII? Explain. Most, all corporations must have rules to follow and it serves to serve for a better working atmosphere.
5. Does the Age Discrimination in Employment Act prevent employers from ever considering an employee’s age or age-related criteria?Yes, because they take in consideration that they would benefit in a way from a younger employee.
9. How do courts determine whether AIDS testing is reasonable under the Fourth Amendment? The courts abide by the consititutionand so aids testingis confidential.
1. To whom does the federal Civil Rights Act of 1964 apply and who is excluded from coverage of the act? No one is excluded from the civil rights act; it applies to all us citicenz.
4. What is it that the Equal Pay Act prohibits? It means that no ther employeewould get paid high than another for descriminatory manners of different kinds.
10. Are any employees whose jobs do not involve public safety subject to discharge for refusal to take drug tests? No, they can not refuse because that is a federal law and all citizens must follow.
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