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:

Buy

To acquire something by paying for it; the act of purchasing.

Assertive

Characterized by confident and forceful behavior, often in expressing one's opinions or defending one's rights without being aggressive.

White Lead

A toxic chemical compound previously used in paint and cosmetics until its use was restricted due to health concerns.

Elizabethan Era

A period in English history marked by the reign of Queen Elizabeth I, noted for its achievements in the arts, exploration, and literature.