In Terms of the Numbers of Firms in the U

question 102

Multiple Choice

In terms of the numbers of firms in the U.S.economy, the most common type of firm is the

• A)corporation
• B)partnership
• C)sole proprietorship
• D)nonprofit organization
• E)limited partnership corporation

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Definitions:

Undisclosed Principal

A principal whose identity is unknown by a third party, and that party has no knowledge that the agent is acting for a principal at the time the agent and the third party form a contract.

Tortious Act

A wrongful act or infringement of a right leading to legal liability, not arising from a contract or statute.

Estopped

A legal principle that prevents someone from arguing something contrary to a claim previously made or accepted in court.

Commission of a Tort

The act of committing a wrongful act, excluding breach of contract, for which a civil action can be brought.