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HM 355 > Exam 4 > Flashcards

Exam 4 Flashcards

1
Q

Sole Proprietorship

A

a business organization in which one person owns and often operates the business

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2
Q

General Partnership

A

two or more owners agree to share the profit of the business, but are jointly and severally liable for its debt

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3
Q

Limited Partnership

A

two classes of owners, limited partner invests in the business, may not exercise control

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4
Q

Corporation

A

group of individuals granted a charter, legally recognizing them as a separate entity with rights and liabilities distinct from those of its members

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5
Q

S Corporation

A

type of business entity that offers liability protection to its owners, and its exempt from corporate taxation on its profits.

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6
Q

Limited Liability Company (LLC)

A

protects the owners from liability for debts incurred by the business without the need for some of the formal incorporation requirements

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7
Q

Owner-Operator

A

operating structure in which the owners of a business are directly responsible for its day-to-day operation. “independent”

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8
Q

Franchise

A

contract between parent company (franchisor) and an operating company (franchisee) allowing the franchisee to run a business with the brand name of the parent company

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9
Q

Franchisee

A

person or business that has purchased or received a franchise

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10
Q

Franchisor

A

person or business that has sold or granted franchise

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11
Q

License

A

legal permission to do a certain thing or operate in a certain way

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12
Q

License Agreement

A

(franchise agreement) legal document that details the specifics of a licensee

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13
Q

Licensor

A

one who grants a license

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14
Q

licensee

A

one who is granted a license

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15
Q

Management Company

A

an entity, that for a fee, assumes responsibility of the day-to-day operations of a business

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16
Q

management contract

A

the legal agreement that defines the responsibilities of business owner and management company chosen to operate the owners business

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17
Q

REIT (real estate investment trust)

A

special form of business structure in which the owners of a business are generally prohibited from operating it

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18
Q

Types of Contracts

A

Unilateral vs. Bilateral
Written vs. Oral
Expressed vs. Implied
Voidable vs. Unenforceable

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19
Q

Unilateral

A

one party pays the other party to perform a certain duty

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20
Q

bilateral

A

a duty to act in exchange for another party’s duty to act

21
Q

Expressed

A

contract written or spoken

22
Q

Implied

A

contract not written or spoken, it’s assumed

23
Q

Voidable

A

valid contract that can be affirmed or rejected

24
Q

unenforceable

A

contract that is valid but the court will not enforce it

25
Contractual "capacity"
elements of a contract must be of legal age must be mentally capable
26
Mutuality
elements of a contract | offer and acceptance
27
Legality
elements of a contract | objective and contract must be legal
28
some illegal contracts
illegal price fixing certain gambling agreements usurious loan agreements prostitution
29
Consideration
elements of a contract | exchange of value between the parties
30
Proper Form
elements of a contract | not all contracts need to be written
31
Breach of a contract
can be the basis for a lawsuit
32
Compensatory Damages
money awarded in a lawsuit to reimburse the plaintiff for expenses incurred from an injury caused by defendant
33
Punitive Damages
sum of money sometimes awarded to plaintiff in excess of compensatory damages, the purpose of which to punish the defendant awarded only if defendants action are wanton or malicious
34
What is necessary to collect damages
foreseeability reasonable certainty mitigation
35
Statute Frauds
a law that requires a certain type of contract must be in writing to be enforceable
36
What does Statute Frauds apply for?
property sale contracts which cannot be completed within a year contracts to pay another persons debt sale of a good >$500
37
Exceptons to Statute Frauds
1) the seller has delivered the goods and buyer accepts them | 2) the buyer paid for the goods and the seller accepted the payment (online payment)
38
Unilateral Mistakes
mistake made by only one party of the contract contract may be enforced not a reason to void a contract
39
Mutual Mistake
mistakes made by both parties of a contract | basis to avoid performance of the contract if it pertains to a material term of the contact
40
overbooking
failure of a guest to use a reserved guest room can result in guests being liable to the hotel for the price of the room
41
Key requirements in purchasing franchises
``` basic disclosure earning claims advertised claims franchise agreements refunds contradictory claims ```
42
Key Features in Franchise Contracts
document that regulates the relationship between franchisee and franchisor details the rights and responsibilities of both franchisee and franchisor
43
Management Contract
a contract created when an owner of a hospitality facility allows another party to assume the day to day operations of a facility
44
Who can enter contracts?
individuals- can enter contracts on their own behalf corporations-must be signed by a corporation officer or someone with specific delegation on their behalf partnerships-must be signed by a partner of the partnership
45
Trademark
any word, name, symbol or device adopted and used by manufacturer or merchant to identify its good and distinguish them from products sold or manufactured by others
46
Service Mark
similar to trademark, however it identifies services rather than good
47
Copyright Laws
exclusive right of an author or other copyright owner to reproduce and license the reproduction of literature, art, music, etc.
48
Antitrust Laws
laws that are put in place to have an equal playing field for businesses to have an open competition

HM 355 (1 decks)

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