Journal 2 Essay Example | Topics and Well Written Essays - 1000 words

Journal 2 - Essay Example Such privacy is protected by law and through electronic means. For example, electronic financial information can be protected through Personal Identification Numbers (PIN). It is a process through which a mortgage lender repossess the property used as collateral for a loan. The lender usually auctions that property or retains ownership rights due to a default by the loaned. The main objective of a foreclosure is to obtain the principle amount and also the accrued interest. The process of foreclosure is legal and sanctioned by court. The borrower is given a specific grace period in which he or she can make payment and avoid foreclosure. An example of a foreclosure is when a person uses a house as collateral for a loan and defaults in payments. The lender then seeks foreclosure by selling the house to obtain the balance and other payments. A franchise is a legal right or privilege that is officially accorded to an individual or entity to offer certain goods or services at a specific place and time. The franchise is strictly governed by guidelines that are defined under the agreement. An example to illustrate the terms can be sourced from the MacDonalds fast food franchise. The firm (franchisor) offers licenses or enters into trade agreements (franchises) with various entities (franchisees) around the world to offer products and services under its own name. The board of directors is a group of people who are elected to establish corporate management policies and practices in regard to the activities of the company. The board jointly runs the affairs of a company and is tasked with making decisions on major issues such as hiring terms, assessing the work of executives and shareholder dividends. The board of directors is formed by the organizations bylaws and regulated by a higher authority that has no interest in the firm to ensure the rationality of decisions. The activities of the board of directors are guided by the type,