Explanation:

- Realist Theory ( Correct Answer)

- This theory posits that corporations have a real existence, like human beings.

- The corporation's actions and intents are as authentic as those of an individual.

- Bracket Theory

- Proposes that the corporation is a sum of individual relations.

- The corporation acts as a ‘bracket’ bringing together individuals; it does not have a separate personality.

- Concession Theory

- Suggests that corporations are creations of the law.

- They owe their existence to a concession or grant from the state.

- Fiction Theory

- Argues that corporate personality is a legal fiction created for convenience.

- Unlike humans, corporations have no real personality.