Jeremy Is Thinking of Starting Up a Small Business Selling

question 199

Multiple Choice

Jeremy is thinking of starting up a small business selling NASCAR memorabilia.He is considering setting up his business as a sole proprietorship.What is one advantage to Jeremy of setting up his business as a sole proprietorship?

• A)As a sole proprietor, Jeremy would face limited liability.
• B)As a sole proprietor, Jeremy would have the ability to share risk with shareholders.
• C)As a sole proprietor, Jeremy would have both ownership and control over the business.
• D)All of the above would be advantages of setting up his business as a sole proprietorship.

Understand the principles and requirements for forming a valid contract, including offer, acceptance, and consideration.

Recognize the significance of the mailbox rule in contract formation.

Differentiate between offers and invitations to negotiate.

Identify the legal implications of an offeror's incapacity or death on an offer.

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Definitions:

Social Conversations

Dialogues between individuals or groups aimed at social interaction rather than transactional or informational exchanges.

Busy

Occupied with tasks or engagements; having a high level of activity, often resulting in limited availability.

Reframing

The practice of changing the way situations or ideas are viewed or interpreted, often to find more positive or functional perspectives.

Conflict Situation

A scenario where opposing interests, beliefs, needs, or values lead to a disagreement or dispute between two or more parties.