LAW 122 Study Guide - Midterm Guide: Small Claims Court, Contract, General Partnership

• School: Ryerson University
• Department: Law and Business
• Course: LAW 122
• Professor: Lori Anne Heckbert

Document Summary

Chapter 21 week 5: february 23 rd (con"t in week 6) Disadvantage: personal liability is limited to just you. Financial interest: inequality (to protect roi based on how much each invests into business) Law: partnership death be clear on what happens (ie: is it passed down to next generation?) Influence over direction of business limited for private partners. Directors and officers (coo, ceo, cfo, cko, etc) Not liable for class action suits if your company is being sued th. Chapter 7 + 8 week 7: march 8. Tangible meaning what something is worth to you at the moment (short term) Doesn"t have to be of equal value it"s whatever meets collector"s needs. Ie: selling your property for less than it"s worth because you need to money. Ie: like in a barber shop, you don"t go in and ask how much for a haircut, you sit and get the cut then just pay.