Enterprise Inc

question 54

Multiple Choice

Enterprise Inc. was incorporated with a few minor errors but has substantially met the requirements of the state incorporation statute. This is known as a(n) ________.

• A) de jure corporation
• B) de facto corporation
• C) estopped corporation
• D) veiled corporation
• E) ineffective corporation

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Definitions:

Intangible Personal Property

Property that does not have a physical presence but holds value, such as patents, copyrights, trademarks, and financial assets.

Substance

A fundamental or essential component of a matter; often refers to the material from which something is made.

Gift Causa Mortis

A gift made in contemplation of imminent death where the giver transfers personal property to another, with the gift becoming permanent if the giver dies as contemplated.

Exclusive Possession

The right of an individual or entity to use and control property to the exclusion of others.