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