Business Law questions for paula hog

Short Answer questions.You must complete a total of 4 questions from the 8 questions provided. If you answer more than 4, only the first 4 will be marked. In other words, there is no bonus for answering more questions than required. You may answer in point form. 

1. Briefly describe the steps involved in the litigation process.

2. Briefly describe the four elements of an enforceable contract

3. What rights do parties give up when they include an arbitration clause in their contract?

4. Briefly describe 2 advantages and 2 disadvantages of running a business as a sole proprietorship.

5. List two characteristics of agency

6. Briefly identify and describe 2 advantages and 2 disadvantages of public corporations versus private closely held corporations

7. Briefly describe 2 benefits of well worded contracts

8. Briefly define consideration and explain why it is important: