Chan Sold a Business to Scott and in the Process

question 181

True/False

Chan sold a business to Scott and in the process they valued the good will of the business at $50,000. In the sale contract, it was agreed that this amount would be paid by Scott giving Chan 15% of the business profits until it was paid. This creates a partnership between them.

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Definitions:

Exploratory Voyages

Journeys undertaken by explorers to discover unknown lands, map new territories, and establish contacts.

English Colonization

The process of English settlement and establishment of control over regions in North America, the Caribbean, and other parts of the world from the late 16th to the early 18th centuries.

Richard Hakluyt

An English writer and geographer known for promoting the exploration and settlement of North America by the British in the late 16th and early 17th centuries.

Fifteenth-Century African Society

Refers to the diverse cultures, kingdoms, and social structures that existed on the African continent during the 1400s, marked by a flourishing of trade, arts, and scholarly work, especially in West Africa.