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Terms Used In Indiana Code 36-7-11.3-9

  • Contract: A legal written agreement that becomes binding when signed.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
   Sec. 9. As used in this chapter, “person” means an individual, a corporation, a partnership, an association, a trust, a governmental body or an agency, or other entity, public or private, capable of entering into an enforceable contract.

[Pre-1995 Title 14 Recodification Citation: 14-3-3.2-2 part.]

As added by P.L.1-1995, SEC.84.