Many Sole Proprietors Resort to Running Their Personal Credit Cards

question 22

True/False

Many sole proprietors resort to running their personal credit cards to the maximum limit,or transferring balances between credit cards,in the early stage of their business.

Be familiar with the concept of proceeds in secured transactions and their treatment.

Understand the various ways a security interest can attach to collateral and the significance of possession in perfection.

Understand the basic principles of secured transactions and the significance of security interests.

Differentiate between perfected and unperfected security interests and their priority.

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Definitions:

Unfair Labour Practice

Actions by employers or unions that violate the rights of employees or the collective bargaining agreement.

Collective Agreement

A written contract of employment, typically negotiated by an employer and representatives of the workforce, outlining terms and conditions of employment.

Lockout

An action in which the employer prevents employees from working.

Trade Union

An organized association of workers formed to protect and further their rights and interests; typically involved in labor negotiations.