MGT 5015 Ch Questions
1-What are the distinctions among the real estate contract, a deed, and a mortgage, and how did these legal concepts play a leading role in the real estate crisis in the United States? (Based on Legal Challenges text Chapter 16)
A deed is a written legal instrument signed by the seller of property conveying title to the buyer of the real property. There are two main types, a quitclaim deed and a warranty deed. A deed possesses certain fundamental characteristics. The parties to the deed are the grantor and the grantee and they both must be named in the deed. Consideration is the amount paid by the grantee to the grantor for the real property. Covenant in a deed usually refers to the promises made by the grantee. There must be a description of the property in the deed and it must be signed. A deed must also contain an acknowledgment before a notary public and it must be delivered. A mortgage is a lien given on real property to secure a debt. The mortgagor is the person who gives the mortgage as a security for the loan of money and the mortgagee is the person that holds the mortgage as security for the debt. Unlike a deed, with a mortgage one can borrow money for any reason and secure the loan by means of mortgage.
2-How can the entrepreneur use trade secret law to protect his or her business plans, concepts, and strategies as legal trade secrets? (Based on Legal Challenges text Chapter 17 and Business Ethics text Chapter 15, Part II)
An entrepreneur can use trade secret law to protect his or her business plans, concepts, and strategies as legal trade secrets by demonstrating to the court that reasonable security measures were adopted and continued in order to maintain the secrecy of their information. The entrepreneur must designate the appropriate information as confidential and proprietary and then protecting it by lock and key and passwords. For example, when sending emails containing confidential information, they can use a system where a password must be
A deed is a written legal instrument signed by the seller of property conveying title to the buyer of the real property. There are two main types, a quitclaim deed and a warranty deed. A deed possesses certain fundamental characteristics. The parties to the deed are the grantor and the grantee and they both must be named in the deed. Consideration is the amount paid by the grantee to the grantor for the real property. Covenant in a deed usually refers to the promises made by the grantee. There must be a description of the property in the deed and it must be signed. A deed must also contain an acknowledgment before a notary public and it must be delivered. A mortgage is a lien given on real property to secure a debt. The mortgagor is the person who gives the mortgage as a security for the loan of money and the mortgagee is the person that holds the mortgage as security for the debt. Unlike a deed, with a mortgage one can borrow money for any reason and secure the loan by means of mortgage.
2-How can the entrepreneur use trade secret law to protect his or her business plans, concepts, and strategies as legal trade secrets? (Based on Legal Challenges text Chapter 17 and Business Ethics text Chapter 15, Part II)
An entrepreneur can use trade secret law to protect his or her business plans, concepts, and strategies as legal trade secrets by demonstrating to the court that reasonable security measures were adopted and continued in order to maintain the secrecy of their information. The entrepreneur must designate the appropriate information as confidential and proprietary and then protecting it by lock and key and passwords. For example, when sending emails containing confidential information, they can use a system where a password must be