LAWS & REGULATIONS APPLICABLE TO ECONOMIC ACTIVITY Flashcards

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1
Q

The legal entity has legal capacity to (5)

A
  1. enter into agreements / contracts
  2. sue and be sued in its own right
  3. be held accountable for illegal activities
  4. pay/ incur debts
  5. assume obbligations
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2
Q

various forms of agency (3)

A
  1. universal
  2. general
  3. special
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3
Q

3 principles that apply in case of bankruptcy

A
  1. secure fair and equal distribution of available property among creditors
  2. free debtor from his debts
  3. enquire into the reasons of his insolvency
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4
Q

in order for a contract to be binding there must be (4)

A
  1. offer+ unqualified acceptance thereof
  2. intention to create legal relations
  3. valuable consideration
  4. genuine consent (i.e. no fraud)
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5
Q

4 requirements to qualify as entrepreneur

A
  1. business method
  2. organisation
  3. economic activity
  4. professionalism
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6
Q

set of rules to which the enterprise is subject to (5)

A
  1. intellectual property
  2. competition
  3. consortium
    4.business going concern
  4. antitrust
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7
Q

special set of rules to which commercial enterprises are subject to (4)

A
  1. public filing by commercial enterprise
  2. statutory agency
  3. accounting record
  4. bankruptcy & other insolvency procedures
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8
Q

2 basic elements of a business

A
  1. set of assets / goods
  2. goodwill
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9
Q

2 aims of the Italian Business Framework governing sale of a business

A
  1. regulate transfer of debts & receivables of the business
  2. prevent the seller from engaging in another business which may be in competition with the one just sold
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10
Q

3 rules to which the sale of the business must comply

A
  1. non competition obligation
  2. rule of succession in the agreements
  3. rules governing how receivables & debts attached to the business are to be transferred
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