A Business Firm Owned by a Single Individual Is Called

question 58

Multiple Choice

A business firm owned by a single individual is called a

• A) monopoly.
• B) closed shop.
• C) proprietorship.
• D) plant.
• E) trust.

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Definitions:

Legally Binding Contract

An agreement between parties that is enforceable by law.

Acceptance

The act of agreeing to the terms of an offer, contract, or proposal, thereby creating a binding agreement.

Capacity

The legal ability to enter into a binding contract.

Intent

The intended purpose or goal of an action, especially in a contract.