Historically, What Have Been the Three Basic Forms of Business

question 3

Multiple Choice

Historically, what have been the three basic forms of business ownership in Canada?

• A) full partnership, nominal partnership, and silent partnership
• B) joint venture, cooperative, and holding company
• C) sole proprietorship, partnership, and corporation
• D) monopoly, duopoly, and oligopoly

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Definitions:

Novation

A legal process by which an existing contract is replaced by a new contract, with the consent of all parties involved, often involving a change of parties or terms.

Statutory Assignment

The transfer of rights or interests in a particular matter as established by statute or legislative action.

Equitable Assignment

A method by which contractual rights are transferred from one party to another, in a manner recognized by equity or fairness, rather than strictly by the letter of the law.

Rectification

The judicial procedure for rectifying an error in a document to accurately represent the real intentions of the parties concerned.