Which of the Following Is Not a Good Description of a Typical

question 114

Multiple Choice

Which of the following is not a good description of a typical family business?

• A) It is inevitable that conflict will arise because the family and the business have separate rules, roles and requirements.
• B) Entry into a family business is by birth.
• C) Family businesses provide the only location where family issues and business issues overlap.
• D) The family business is a complex dual system made up of the family and the business.
• E) Family businesses are always small, informal businesses run only by family members.

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Definitions:

Doctrine of Necessaries

Legal principle holding a spouse responsible for providing the necessary expenses of the family, like food, shelter, and medical care.

Disaffirm

The legal act of rejecting or voiding a contract or agreement, especially by a party who was not at full capacity when the agreement was made.

Property

Refers to legally recognized ownership of resources such as land, buildings, goods, or intellectual property.

Understand

The ability to grasp the meaning, significance, or nature of something.