Terms Used In Rhode Island General Laws > Chapter 6-59 - Gift Card Fraud

• 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.
• gift card: means a written promise or electronic payment device that:

  (1)  Is usable at a single merchant or an affiliated group of merchants that share the same name, mark, or logo, or is usable at multiple, unaffiliated merchants or service providers;

  (2)  Is issued in a specific amount;

  (3)  May or may not be increased in value or reloaded;

  (4)  Is purchased and/or loaded on a prepaid basis for the future purchase or delivery of any goods or services; and

  (5)  Is honored upon presentation. See Rhode Island General Laws 6-59-1

• 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: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6