18 Terms
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Marketing
Industry: Business services
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Marketing
corporation
Business services; Marketing
Corporations are a different form of partnership. They are artificial persons who can own property, pay taxes, hire employees, and engage in business.
articles of incorporation
Business services; Marketing
The document that frames the creation, organization, day-to-day operation, identity of registered agent, and dissolution of a corporation.
judicial dissolution
Business services; Marketing
A court's determination that a company should be dissolved for the good of the partners because the business has engaged in illegal activities.
constructive trust doctrine
Business services; Marketing
The theory that a partner who acquires profits for his own enrichment holds such funds for the benefit of the company as a whole and can be ordered to return such funds to the other partners.
actual authority
Business services; Marketing
Actual authority refers to the specific instructions, rights, and parameters granted to the agent from the principal.
ratification
Business services; Marketing
Confirmation of a prior act that may not have been authorized but to which the principal agrees to be bound is called ratification.
material fact
Business services; Marketing
A critical fact in the contract or negotiations; one that, if truthfully revealed, might abort the transaction.
