Rhode Island General Laws > Chapter 42-61.1 – Prizes and Gift Act
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Terms Used In Rhode Island General Laws > Chapter 42-61.1 - Prizes and Gift Act
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Handling charge: means any charge, fee, or sum of money which is paid by a consumer to receive a prize, gift, or any item of value including, but not limited to, promotional fees, redemption fees, registration fees, or delivery costs. See Rhode Island General Laws 42-61.1-1
- in writing: include printing, engraving, lithographing, and photo-lithographing, and all other representations of words in letters of the usual form. See Rhode Island General Laws 43-3-16
- item: means any item or service with monetary value. See Rhode Island General Laws 42-61.1-1
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any natural person, corporation, trust, partnership, association, and any other legal entity. See Rhode Island General Laws 42-61.1-1