If the Act of an Agent Is Ratified

question 74

Multiple Choice

If the act of an agent is ratified:

• A)there is retroactive authority for the act.
• B)the principal has agreed to allow the agent to be liable.
• C)the agent then has express authority for that act in the future.
• D)None of the above

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Definitions:

Proportionate Share

An individual's or group's fair or equitable portion of a whole, often related to shares in a company or distribution of assets.

Professional Malpractice Insurance

A form of liability insurance that helps protect professionals from financial loss resulting from claims of negligence or incompetence.

Negligence Claims

Legal demands for compensation by individuals who have suffered injury or loss due to another party's failure to exercise the appropriate level of care.

Insurance Policy

A contract between an insurer and a policyholder that determines the claims which the insurer is legally required to pay.