Final answer:
A sole proprietorship is the form of business ownership that is presumed by law unless otherwise stated, providing the owner with the right to enter into contracts and retain profits while assuming all risks.
Step-by-step explanation:
The ownership presumed by law unless otherwise stated is typically referred to as sole proprietorship. A sole proprietorship is a business owned and operated by one individual and is one of the most common forms of business organizations.
In this business structure, the owner has the right to enter into contracts, retain all profits, and is responsible for all losses. This form of business is the simplest to establish and offers the advantage of not having to pay any special taxes beyond personal income tax on the business's profits. It's easy to manage and provides the proprietor with significant control since they are the only decision-maker.
Moreover, contractual rights are fundamentally based on property rights, which allow individuals to negotiate the use of their property and seek legal recourse if necessary.