Chan Sold a Business to Scott and in the Process

question 187

True/False

Chan sold a business to Scott and in the process they valued the "good will" 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:

Pallor

An unhealthy pale appearance, often indicative of illness or distress.

Septic Shock

A state of shock resulting from massive, widespread infection that affects the blood vessels’ ability to circulate blood.

Infection

The invasion and multiplication of microorganisms such as bacteria, viruses, and parasites that are not normally present within the body. An infection often leads to illness.

Biologic Agent

A virus, bacterium, toxin, or other substance used in biotechnology or as a weapon.