For Each of the Following Descriptions, Provide the Name of the Intangible

question 234

Essay

For each of the following descriptions, provide the name of the intangible asset that is being described.
_______________ 1. Exclusive right to use a name or symbol
_______________ 2. Exclusive right to sell photographic reproductions of a painting
_______________ 3. Excess paid for a business over the fair market value of the net
assets purchased
_______________ 4. Long-term exclusive right to use certain property
_______________ 5. A right to an exclusive territory or market
_______________ 6. Exclusive right to use an invention to sell or manufacture a certain
product or use a specific process

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Definitions:

Consideration

Something of value that is exchanged between parties in a contract, a critical element for the contract to be legally binding.

Implied Warranties

Guarantees that are not written down or explicitly stated but are understood to exist in a transaction, providing assurance that a product or service will meet certain standards.

Assignor

The party in a contract who transfers their rights or interests to another party, known as the assignee.

Assignee

An individual or entity to whom rights or obligations are transferred from another party.