In a Proprietorship, There May Be Two or More Owners

question 43

True/False

In a proprietorship, there may be two or more owners.

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Definitions:

Frustration of Purpose

A legal doctrine that excuses a party from fulfilling a contract when an unforeseen event undermines the contract's original reason.

Unexpected Event

An occurrence or situation that was not foreseen or anticipated and may significantly impact contracts or legal obligations.

Substantially Impaired

A term used to describe a significant reduction in the ability or function of something or someone.

Novation

The act of replacing an existing contract with a new one, where a different party assumes the rights and obligations of the original party.