Tom,owner of the Rico Apartment Complex,appoints Alice as "General Manager

question 29

Essay

Tom,owner of the Rico Apartment Complex,appoints Alice as "General Manager" of the Rico Apartment Complex.Alice enters into several contracts in Tom's name: (1)maintenance agreement with Alpha Enterprises; (2)purchase of cable TV service from Star Ethics for Rico;
(3)purchase of a new Corvette for Alice to drive while on Rico business.Discuss which of these contracts bind Tom?

---

Definitions:

Financial Reporting

The process of producing statements that disclose an organization's financial status to management, investors, and the government.

High Technology

Refers to the most advanced technology available, often characterized by innovative, cutting-edge developments in fields such as information technology, robotics, and biotechnology.

Goodwill

An intangible asset that arises when a business is acquired for more than the sum of the fair value of its identifiable tangible and intangible assets and liabilities.

Internally Generated

Refers to assets or resources that are created or produced within a company, rather than acquired from external sources.