A(n) ____________________ Is a Special Value That Represents the Absence

question 54

Short Answer

A(n) ____________________ is a special value that represents the absence of a value in a field.

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Definitions:

Separate Legal Existence

The concept that a corporation's identity is legally distinct from its owners, thus it can own property, incur debts, and be sued in its own name.

Continuous Life

A characteristic of corporations where the company’s existence is not affected by changes in ownership or management, ensuring perpetual continuity.

Limited Liability

Limited Liability is a legal structure that limits the amount of financial risk and liability to the amounts invested in a company, protecting personal assets of the owners from business debts.

Binding Legal Contracts

Agreements that are enforceable by law, typically requiring offer, acceptance, and consideration.