Survey of Business Exam 1.5

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Terms in this set (22)
specific performancea remedy for breach of contract in which the court orders the party committing the breach to do exactly what the contract specifiestitlelegal ownershipprincipal-agent relationshipa relationship in which one party gives another party the authority to act in place of, and bind, the principal when dealing with third partiesprincipala party who agrees to have someone else act on his or her behalfagenta party who agrees to represent another partyscope of authoritythe extent to which an agent has the authority to act for and represent the principalChapter 7discharges a debtor's debts by liquidating assets and using the proceeds to pay off creditorsChapter 11used by corporations and individuals that allows the debtor to reorganize operations under a court-approved planChapter 13allows individual debtors to set up a repayment plan to adjust their debtsintellectual propertyproperty that results from intellectual or creative effortspropertythe legal right of an owner to exclude non-owners from having control over a particular resourcepatenta legal monopoly that gives an inventor the exclusive right over an invention for a limited time period