LAWS & REGULATIONS APPLICABLE TO ECONOMIC ACTIVITY

Question 1

The legal entity has legal capacity to (5)

Answer 1

1. enter into agreements / contracts
2. sue and be sued in its own right
3. be held accountable for illegal activities
4. pay/ incur debts
5. assume obbligations

Question 2

various forms of agency (3)

Answer 2

1. universal
2. general
3. special

Question 3

3 principles that apply in case of bankruptcy

Answer 3

1. secure fair and equal distribution of available property among creditors
2. free debtor from his debts
3. enquire into the reasons of his insolvency

Question 4

in order for a contract to be binding there must be (4)

Answer 4

1. offer+ unqualified acceptance thereof
2. intention to create legal relations
3. valuable consideration
4. genuine consent (i.e. no fraud)

Question 5

4 requirements to qualify as entrepreneur

Answer 5

1. business method
2. organisation
3. economic activity
4. professionalism

Question 6

set of rules to which the enterprise is subject to (5)

Answer 6

1. intellectual property
2. competition
3. consortium
   4.business going concern
4. antitrust

Question 7

special set of rules to which commercial enterprises are subject to (4)

Answer 7

1. public filing by commercial enterprise
2. statutory agency
3. accounting record
4. bankruptcy & other insolvency procedures

Question 8

2 basic elements of a business

Answer 8

1. set of assets / goods
2. goodwill

Question 9

2 aims of the Italian Business Framework governing sale of a business

Answer 9

1. regulate transfer of debts & receivables of the business
2. prevent the seller from engaging in another business which may be in competition with the one just sold

Question 10

3 rules to which the sale of the business must comply

Answer 10

1. non competition obligation
2. rule of succession in the agreements
3. rules governing how receivables & debts attached to the business are to be transferred