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A corporation does not have to be incorporated in the state in which it has its principal place of business.

Legally, shareholders of an S corporation are required to report their income from the corporation as personal income.

Specific performance is also referred to as specific enforcement.

Corporate directors typically serve for one year.

When one party to a contract wants to substitute a different performance for his original duty under the contract, this is known as an accord and satisfaction.

Personal property does not include land.

Ad declarations require advertisers to have a reasonable basis for the claims made in their advertisements.

A security interest can apply to personal property that is not yet in the debtor’s possession.

Courts generally support the use of ADR methods.

Hostile takeovers are takeovers to which the government objects.