For an Exchange to Occur, ________

question 75

Multiple Choice

For an exchange to occur, ________.

• A) at least two people or organizations must be willing to make a trade, and each must have something the other wants
• B) there must be one winner and one loser
• C) someone must make a financial profit
• D) the item must be tangible
• E) time utility must be created

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Definitions:

Vicarious Liability

Legal responsibility assigned to an individual or entity for the actions of another, based on a particular relationship, such as employer-employee.

Ratification Manifest

The overt expression or demonstration of approval or confirmation of an act or agreement, often legally required for ratification.

Material Facts

Information that could influence the decision-making process of a person or entity, considered significant in the context of legal and financial transactions.

Apparent Authority

A legal doctrine allowing a third party to rely on the representation of an agent that they have the authority to act on behalf of a principal, even if the agent lacks actual authority.