Legally a Corporation Is a Thing That Can Endure Beyond

question 13

True/False

Legally a corporation is a thing that can endure beyond the natural lives of its members and that has incorporators who may sue and be sued as a unit and who are able to consign part of their property to the corporation for ventures of limited liability.

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Definitions:

ADR

Alternative Dispute Resolution; a process to resolve disputes outside of the judicial process, including mediation and arbitration.

Adjudication

The legal process of resolving a dispute or deciding a case by a court or other judicial entity.

Precludes

Prevents something from happening or someone from doing something; acts as a barrier.

Rules of Precedent

Legal principles that dictate that courts should follow the rulings of previous cases in similar circumstances to ensure consistency in the law.