Question 1Explain the various forms of business a person can choose which were covered in class. In your answer include the positive or negative factors for each business form.

Question 2In the performance of a contract define the terms material breach and substantial performance. How do these two concepts influence the response by one party to a contract who is receiving less than promised? Give an example which illustrates these principles.

Question 3 What is a secured transaction? What advantage does a secured transaction have over other kinds of debts accreditor might have?

Question 5Describe the major types of intellectual property. Compare and contrast the similarities and differences between the various forms of intellectual property.

Question 6Explain the major ethical theories discussed in class that business people can use to guide their decisions. Which theory do you feel is best in the modern business world? Explain your opinion.