Uniform Securities Agent State Law (Series 63) Practice Exam

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Who would typically be classified as a "legal person"?

Minors
Animals
Corporations
Bankruptcy estates

The correct answer is: Corporations

A "legal person" refers to an entity that has legal rights and responsibilities, much like a natural person, but is not a human being. Corporations fall into this category because they can enter contracts, sue, and be sued. They are created under state law and possess an identity separate from their shareholders, allowing them to operate independently in legal contexts. Minors and animals are not classified as legal persons. Minors have limited legal capacity, meaning they cannot enter into contracts on their own, and animals do not possess legal rights and obligations akin to those of human beings or corporations. Bankruptcy estates, while they represent entities in legal proceedings, are essentially a collection of the bankrupt individual's assets and liabilities and do not exist as independent legal persons in the same right as a corporation does. Therefore, corporations are the clear example of a legal person in this context.