ENTR 402 Exam 2 (Chapter 18)
Legal Entity
A being, human or nonhuman, such as a corporation, that is recognized as having rights and duties, such as the right to own property
Sub-Contract
A contract by which a new party agrees to perform a duty that one of the original parties to a contract was already legally obligated to perform
Arbitration
A dispute resolution process held instead of court cases in which both sides present their case to a legal professional
Mediation
A dispute resolution process that puts a neutral third party who is not a judge
Litigation
A formal dispute resolution method that operates using the court system, typically with a lawyer representing each party
Patents
A grant by the U.S. government to an inventor for an idea that is new, useful, and non-obvious, giving the inventor the exclusive right to make, use, or sell his or her idea
Hold Harmless Provision
A type of waiver in which a party agrees not to hold another party responsible for certain events
Articles of Partnership
Agreement between the partners of a firm on matters pertaining to the formation and operation of the partnership
Trade Secrets
Confidential information within a company that gives that company a competitive advantage
Trademarks
Distinctive word, slogan, or image that identifies a product and its origin
Articles of Organization
Document setting forth information about a limited liability company that is filed with the state to establish an LLC
Copyrights
Exclusive right given to the creator of a literary or artistic work to make use of that work
6 Factors In Business Structure
Liability, Taxes, Organizational Costs, Control, Continuity/Transferability, & Ability to Raise Control
Negotiation
Mutual discussion and arrangement of terms
Forms of Resolutions To Disputes
Negotiation, Litigation, Arbitration, & Mediation
Contracts & Contractual Provisions
None-Compete Clause, Hold Harmless Provision, Waiver, Exculpatory Clause, & SubContract
Waiver
Part of a contract in which a party intentionally gives up legal rights or claims
Exculpatory Clause
Part of a contract in which a party to the contract states that he or she will not be responsible for certain actions
Non-Compete Clause
Part of a contract in which a person agrees not to open a certain type of business or seek employment doing certain things in a particular area for a period of time
Legal Protections
Patents, Trademarks, Copyrights, Trade Secrets, & Intellectual Property
Independent Contractor
Persons working to achieve a certain goal without being subjected to substantial controls by another
Intellectual Property
Property coming from some sort of original thought; for example, patents, trade secrets, trademarks, and copyrights
Infringer
Someone who uses intellectual property without the permission of the owner
Trade Name or DBA (Doing Business As)
The name under which a business is operated