A Business Created as a Distinct Legal Entity and Treated

question 63

Multiple Choice

A business created as a distinct legal entity and treated as a legal "person" is called a:

• A)corporation.
• B)sole proprietorship.
• C)general partnership.
• D)limited partnership.
• E)unlimited liability company.

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Definitions:

Accrues

The process of an asset or amount gradually increasing over time, typically through interest or benefits.

Non-breaching Party

A party to a contract who has not failed to fulfill any of their contractual obligations.

UCC

Pertains to the Uniform Commercial Code, which is a detailed collection of regulations that oversee business dealings within the United States.

Implied Warranties

Unspoken, unwritten promises ensured by law that guarantee the goods sold meet certain criteria of quality and usability without expressly stating them.