GBL 385 Exam 2 Questions and Answers Latest;(2024/2025)/ Graded A+
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Course
GBL 385
Institution
GBL 385
Sole Proprietorship - Business owned by one person. that person is responsible for unlimited
personal liability and the profits are taxable to this person as well
Partnership - A business in which two or more persons combine their assets and skills
agent - acts on behalf of principal, subject to...
GBL 385 Exam 2
Sole Proprietorship - Business owned by one person. that person is responsible for unlimited
personal liability and the profits are taxable to this person as well
Partnership - A business in which two or more persons combine their assets and skills
agent - acts on behalf of principal, subject to principals control
C Corporation - Taxed at corporate and shareholder level
No limit on shareholders or types of shareholders
every corporation starts out as C corp
Common law and contract law - in most jurisdictions, contract law is not codified, and thus the
primary source of general contract law is case law
what types of breach of contract are there - Non performance (delayed performance)
Unreasonable/defective performance
Contract definition - legally enforceable agreement voluntarily entered into between two or more
competent parties to do or not to do something that is possible to be done and is lawful
Corporations - Separate and distinct legal entity from owner
continuity of existence despite death
no personal shareholder liability
, De Facto Corporation - Effort to complete incorporation requirements, however not all are met
Business is still treated as corporation
De Jure Corporation - All requirements for incorporation are met
define ratification - giving formal consent to contract or agreement
difference between actual/express authority and Implied/approval authority - Actual: "go and do
this specifically"
Implied: "Here is a range of what you can do"
Direct liability - legally responsible for ones own unlawful conduct
Economic Damages - Compensation for monetary losses
Freedom of contract (voluntary act) - states that contracts are based on mutual agreements and
free choice
frolic - occurs when major departure from employers charge and emloyee acts on his or her own
and for personal benefit
How do you accept an offer - if the offeree begins to perfrom in lieu of making the required
promise
Agency - relationship between two persons in which one acts on behalf of the other
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