If a Principal Accepts the Benefits of a Whole Unauthorized

question 29

True/False

If a principal accepts the benefits of a whole unauthorized contract,the principal is deemed to have ratified the contract and is bound as if the act had been originally authorized.

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Definitions:

Types of Goods

Classification of goods based on characteristics such as excludability, rivalry in consumption, and whether they are public, private, common, or club goods.

Negative Externalities

Costs suffered by a third party due to an economic activity, where those involved in the activity do not fully bear the cost.

Fighting Poverty

Fighting poverty involves implementing strategies and policies aimed at reducing or eliminating poverty, enhancing the quality of life for individuals and communities.

Public Good

A good that is non-excludable and non-rivalrous in consumption, meaning it can be used by everyone and one person's use does not reduce its availability to others.