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Word Bank Lift the corporate veilReference CreditorReal property TangibleConditionGuarantorInvestor Securities

Intangible

Promissory Note

Common

Bailee

Gratuitous Bailment

Liabilities

Sole proprietorship

Limited Partnership 

Bailor 

Specific Performance

Corporation

Void

Fiduciary

Agent

Principal

i)              There are two types of personal property: _________and _________.

ii)            A/an _________ acts for someone else and does business on the person's behalf.

iii)           _________ duty requires an agent to act with the utmost good faith to the _________.

iv)           Omar loves working on cars and wishes to set up an auto repair business in his garage.  He wants to be the sole owner and have a very simple business organization model.  You would advise him to set up a/an _________.

v)            Jennifer is a pilot who wishes to start a business flying tourists to exotic locations. She needs money to buy her first plane. In order to sell shares to raise money, she will have to create /an _________.

vi)           Raina set up a corporation and went to the bank to secure financing for equipment. The bank is reluctant to lend money to the company unless Raina acts as a/an _________ for the loan. 

vii)         If parties are mistaken as to the existence of the subject matter of a contract at the time the contract is created (i.e. the subject matter does not exist), the contract is _________.

viii)        Carlos is considering buying a car from a classmate, Ashley, but is unsure as to whether he can get a loan from the bank.  To ensure he will only have to purchase the car if he gets the loan, Carlos could place a _________ in the purchase contract so he is only compelled to buy the car if he gets the loan.

ix)           Quinn decided to incorporate a business and raise money from his family members to fund the business, including from his uncle Matt. Quinn has no ability to repay a loan to Matt so he offers to sell Matt _________in the company.  Matt would then become a/an _________. 

x)            Nicole sued Jimmy for breach of contract and was asking the court to force Jimmy to complete the contract.  This type of remedy is known as _________.  

xi)           Because he is a nice guy, Steve says he will store his friend's car in his garage for the weekend.  Steve is a _________, his friend is the _________ and the arrangement is an example of a/an _________.

xii)         Based of Salomon v. Salomon Ltd.courts will not _________ unless company is a mere façade.

xiii)        Because a corporation is an independent entity, it is responsible for its own _________. 

xiv)        There are different types of shares of a corporation, including _________ that generally include the right to vote at shareholder meetings.

xv)         _________ means land and anything fixed to it.

Step-by-step answer

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