An Agency by Ratification Occurs When the Principal ________

question 32

Multiple Choice

An agency by ratification occurs when the principal ________.

• A) accepts an unauthorized act created by an unauthorized agent
• B) accepts an authorized act created by an authorized agent
• C) creates the appearance of an agency that in actuality does not exist
• D) accepts an act carried out under the implied authority of an agent

Apply the concept of psychological needs to interpret real-life situations.

Analyze the impact of specific needs on individual behavior and motivation.

Identify and evaluate the psychological factors contributing to stress.

Predict behavioral responses to stress based on understanding of psychological principles.

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Definitions:

Uncertain Situations

Scenarios in which outcomes or conditions are not known, predictable, or completely measurable, often affecting decision making.

Information

Pertains to data, knowledge, or facts that are acquired through experience, observation, or instruction, which can influence economic decisions.

Fully Insure

To obtain insurance coverage that provides complete protection against all potential risks or losses.

Insurance

A financial product sold by insurance companies to safeguard against risk and unforeseen losses.