Business and the Law

Define bankruptcy.

• A legal process through which people or businesses seek to relieve their debt.

• A method for increasing personal wealth through investments.

• A strategy for avoiding tax payments legally.

• A type of insurance for business owners against losses.

Four areas of intellectual property

• Copyright, trademark, patent, trade secrets

• Real estate, copyright, trademark, patent

• Patent, copyright, design rights, public domain

• Trademark, copyright, patent, licensing

Main objective of Chapter 7 bankruptcy

• Reorganization

• Liquidation

• Debt forgiveness

• Asset protection

Define contract

• A formal, legally binding agreement

• A casual understanding between friends

• A suggestion for future actions

• A document that outlines personal preferences

Three areas of civil law that impact business

• Contracts, intellectual property, torts

• Criminal law, family law, property law

• Employment law, environmental law, tax law

• Bankruptcy law, immigration law, corporate law

Define civil law

• Disputes between individuals, organizations, or both.

• Criminal offenses against the state

• Regulations governing international treaties

• Laws related to property ownership disputes

Main objective of Chapter 12 bankruptcy

• Liquidation of assets

• Reorganization and repayment

• Immediate discharge of debts

• Transfer of ownership to creditors

Define intellectual property

• Inventions that are original and belong to a person or business

• A type of property that can be physically touched

• A legal term for real estate ownership

• A method of financial investment

Main objective of Chapter 11 bankruptcy

• Liquidation of assets

• Reorganization and repayment

• Immediate discharge of debts

• Transfer of ownership to creditors

Who is eligible for Chapter 12 bankruptcy?

• Large corporate entities

• Small farming or fishing companies

• Individuals with high credit card debt

• Non-profit organizations