Which of the Following Is Not a Necessary Condition for Ratification

question 2

Multiple Choice

Which of the following is not a necessary condition for ratification?

• A) The agent must have purported to act on behalf of or as an agent for the identified principal.
• B) The third party benefiting from the ratification must give consideration for the ratification.
• C) The principal must have been capable of authorizing the act both at the time of the act and at the time it was ratified.
• D) The principal must have full knowledge of all material facts.

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Definitions:

Tax Rate Structure

The dividing of taxable income into sections (brackets), each of which is taxed at a different rate.

Progressive

A term used to describe a tax system where the tax rate increases as the taxable income increases.

Proportional

A concept where elements are in a constant relationship in terms of size, amount, or number relative to a whole.

Regressive

Describing a tax system where the tax rate decreases as the taxpayer’s income increases, placing a larger burden on lower-income individuals.