Ratification

question 49

Multiple Choice

Ratification:

• A) can only occur after the third person withdraws from the transaction and gives notice of such withdrawal.
• B) can be effected by a disclosed or an undisclosed principal according to the Second Restatement.
• C) relieves the agent of any liability she may have to the third party by reason of her having induced the third party to enter the contract without the principal's authority.
• D) may be made by a principal that was not in existence at the time the contract was made.

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Definitions:

Cotton Clothes

Apparel manufactured from cotton fibers, known for their comfort, breathability, and durability.

Prices In Resource Markets

The costs associated with purchasing inputs like labor, land, and capital in markets where they are traded.

Relative Scarcity

The condition where the availability of resources is limited compared to the unlimited wants and needs.