Ease of Formation, Flexibility, and Diversity of Management Are Advantages

question 29

Multiple Choice

Ease of formation, flexibility, and diversity of management are advantages of which of the following forms of business ownership?

• A) cooperative
• B) partnership
• C) conglomerate
• D) joint venture

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Definitions:

Statute of Frauds

A legal concept that requires certain types of contracts to be written and signed by the party or parties to be charged, in order to be legally enforceable.

Oral Contract

An agreement between parties that is spoken rather than written but is still legally binding.

Quasi Contract

An obligation imposed by law to prevent unjust enrichment, even though no formal contract exists between the parties.

Remedies

The means by which a right is enforced or the violation of a right is prevented, redressed, or compensated.