In business law, how is "person" defined?

The definition of "person" in business law is broad and inclusive, encompassing not just individuals but also various entities that can engage in legal activities. This includes not only natural persons (individuals) but also legal persons, which are organizations recognized by law as having rights and responsibilities.

In the context of business law, corporations, partnerships, and other organized groups are considered "persons" because they can own property, enter contracts, and have various legal rights and obligations similar to those of individuals. This inclusive definition allows for the regulation of multiple forms of business entities under the same legal framework, ensuring that all types of organizations can participate effectively in the marketplace.

Other options may suggest a more limited view, reducing the concept of "person" to just individuals or partnerships, which does not capture the full range of entities recognized by legal systems. Legal affirmations by governing bodies don’t fit here either, as these do not pertain to the definition of "person" but rather to the legitimacy or recognition of entities.