Mie 305 exam 2 cases 1 - Study guides, Class notes & Summaries

MIE 305 Exam 1 Latest Version with Complete Solutions Law a body of enforceable rules governing relationships among individuals and between individuals and their society -establish rights, duties, and privileges that are consistent w/ the values & beliefs of a society or its ruling group role of law in small business 1. Business organization (type of entity, how much personal liability?) 2. Taxation (how it will be taxed, how to reduce taxes) 3. Intellectual property (any patents ...

NCSU MIE 305 Exam 1 (Chapters 1-3) Questions With 100% Correct Answers What is the importance of a Business Law course in a business/management curriculum, and/or the importance of knowing something about it to a businessperson? - answerThe law is important to modern business. The history of business reveals the prominence of law. Educators today emphasize the role of law in preparing tomorrow's business leaders. How can business people use the law to a strategic advantage? - answerKnowin...

NCSU MIE 305 Exam 1 (Chapters 1-3) Questions With 100% Correct Answers What is the importance of a Business Law course in a business/management curriculum, and/or the importance of knowing something about it to a businessperson? - answerThe law is important to modern business. The history of business reveals the prominence of law. Educators today emphasize the role of law in preparing tomorrow's business leaders. How can business people use the law to a strategic advantage? - answerKnowin...

MIE 305 Final Exam What are the "bundle of rights" associated with property ownership? - ANS 1) Control; 2) Possession; 3) Enjoyment; 4) Exclusion; 5) Disposition Possession - ANS The property is legally owned by whoever owns the title. Control - ANS The titled owner (freeholder) controls the use of the property. Enjoyment - ANS Rights-holder can enjoy the property in any legal or contractually agreed manner. Exclusion - ANS Ow...

MIE 305 Exam 3 Chapters 10-12 What is a fully-integrated agreement and how do you get one? - ANS A fully-integrated agreement is an agreement where both sides agree to no longer discuss or change the terms of the contract What do we mean by saying property is the ownership of a "bundle of rights?" - ANS Property is an umbrella term that includes multiple rights for that given property What are those rights? - ANS Possession, Control, Enjoyment, Exclusion, Dispos...

MIE 305 Final Exam Contract - ANS a promise or set of promises supported by the exchange of bargained-for consideration for the breach of which the law gives a remedy, or the performance of which the law recognizes as an enforceable duty. "a promise or set of promises that are enforceable in court." primarily state based common law contract elements - ANS -Agreement: the parties agree to the exchange of legal detriment as to each other -Bargained-for consideration: exc...

MIE 305 Final Exam When choosing an organizational form, entrepreneurs should consider: - ANS Ease of creation Owners' liability--maximize gain, limit risk of loss Tax considerations--pass through or entity tax? Ability to raise capital--Private funding or shares? Basic forms of Business Organization - ANS Sole proprietorships--> one person owns it Partnerships--> Multiple people own it Corporations--> Ownership to shareholders Franchises--> opera...

MIE 305 Final Exam When choosing an organizational form, entrepreneurs should consider: - ANS Ease of creation Owners' liability--maximize gain, limit risk of loss Tax considerations--pass through or entity tax? Ability to raise capital--Private funding or shares? Basic forms of Business Organization - ANS Sole proprietorships--> one person owns it Partnerships--> Multiple people own it Corporations--> Ownership to shareholders Franchises--> opera...

MIE 305_ Exam 2 Cases (1)