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12 Cards in this Set
- Front
- Back
- 3rd side (hint)
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5 Essential Elements of a Contract |
1) Capacity of the Parties
2) Mutual Agreement 3) Genuine Intention 4) Legal Consideration 5) Lawful Subject Matter |
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Capacity of the Parties |
1) Infant 2) Mentally Incompetent 3) Alcohol or Drug Abuse 4) Alien 5) Corporation |
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Mentally Incompetent/Intoxicated are not liable for non-necessaries if: |
1) They are in fact Mentally Incompetent/Intoxicated 2) other party knew or ought to have known |
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Corporation Types |
1) Sole Proprietship 2) Partnership 3) Corporation |
3 |
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Joint and Several Liability |
Joint - everyone is liable several - can go after 1 or all of the partners, personal and partnership assets |
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Master/Servent Relationships |
1) Employer/Employee 2) Owner/Independant Contractor 3) Principal/Agent |
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Fiduciary Relationship |
relationship of full disclosure (of utmost faith) |
bona fide |
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Prudent Partnership Agreement includes: |
1) Who the partners are 2) $$$ contributions 3) % ownership 4) buy-sell agreement |
4 |
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Limited Liability Partnership (LLP) |
- can only sue for 1 partner's personal assets - partner does not go to meetings, etc. |
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Documents for Certificate of Incorporation: |
1) Articles of Incorporation 2) Bylaws |
2 |
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Shell Corporation |
no assets |
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Corporate Shield (Vail) |
shareholders NOT liable for corporate debts or torts |
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