Ratification of a Contract May Be Withdrawn If Done So

question 27

True/False

Ratification of a contract may be withdrawn if done so in a reasonable time period.

Understand the concepts of empowerment and its significance in organizational management.

Differentiate between centralization and decentralization within an organizational context.

Comprehend the process of delegation, including its challenges and benefits.

Distinguish between various organizational structures (e.g., functional, divisional, matrix) and their implications.

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Definitions:

Credit Instrument

A document that evidences a debt and the promise of repayment, such as bonds, notes, or mortgages.

Transferor's Warranties

Guarantees made by a seller (transferor) to a buyer about the condition, legality, and ownership status of the goods or property being sold.

Presenter's Warranties

Guarantees made by the presenter of a negotiable instrument, such as a check, regarding its legitimacy and their authority to present it.

Implied Warranties

Legal guarantees assumed in a transaction, suggesting that a product will meet certain standards even if not explicitly stated.