Business Law Is

question 61

Multiple Choice

Business law is:

• A)A set of guidelines that shape business activities.
• B)A set of regulations that discourage business activities.
• C)A set of rules that regulate business activities.
• D)A set of principles that guide business activities.

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Definitions:

Valid Will

A valid will is a legal document that has been properly executed in accordance with the laws governing estate distribution, specifying how a person’s property will be divided after death.

Codicil

A supplement or amendment to a will, allowing for changes or additions without requiring the will to be completely rewritten.

Probate

The legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off.

Constructive Trust

A legal remedy imposed to address unjust enrichment, where property is held by someone who should not profit from it.