Sole Proprietorships Account for About 72% of All U.S.businesses

question 29

True/False

Sole proprietorships account for about 72% of all U.S.businesses.

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Definitions:

Privity of Contract

The principle that a contract is a private agreement between the parties who have entered into it, and no one else can claim benefits or be subjected to its obligations.

Voidable Contract

A legal agreement that may be declared invalid by one party due to certain conditions such as misrepresentation or lack of consent.

Executory

Pertaining to a contract, a term describing obligations that have not yet been performed by one or more parties.

Express Contract

A written or spoken agreement in which all terms are explicitly stated.