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:

Perfectly Competitive

A market structure characterized by many sellers offering identical products, leading to price determination through supply and demand forces without individual control.

Externalities

Economic side effects or consequences that affect an uninvolved third party; can be either positive or negative.

Property Rights

Legal rights to possess, use, and dispose of assets including real estate, intellectual property, or other possessions.

Negatively Affects

Causes a decrease in effectiveness, quality, or function.