If a Person Accepts the Benefits of an Unauthorized Transaction,or

question 17

True/False

If a person accepts the benefits of an unauthorized transaction,or fails to repudiate it,then he is bound by the act as if he had originally authorized it.

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Definitions:

Cheques

Written, dated, and signed instruments that direct a bank to pay a specific sum of money to the bearer or a specific individual.

Collection Time

The typical duration required for a company to collect payments due from its clients.

Amounts

Amounts refer to the quantities or sums of money involved in financial transactions or measurements.

Net Present Value

A calculation that compares the value of money now with the value of that money in the future, accounting for inflation and returns.