A Corporation

question 38

Multiple Choice

A corporation

• A) is chartered under state laws.
• B) is chartered under federal laws.
• C) remains in existence only as long as its owners are alive.
• D) shifts liability of its debts to its owners.

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Definitions:

Contracts for Services

Agreements between parties where one agrees to provide a service to the other in exchange for compensation.

Sale of Land

The legal process involving the transfer of property rights in land from one party to another, typically through a deed.

Uniform Commercial Code

A comprehensive set of laws governing commercial transactions in the United States, facilitating the uniformity and predictability of commercial activities across different states.

Common Law

A body of legal rules that have been made by judges as they issue rulings on cases, as opposed to rules and laws made by the legislature or in official statutes.