Negligence Is the Failure to Exercise Minimal Care

question 39

True/False

Negligence is the failure to exercise minimal care.

Distinguish between the necessity of disclosing a principal’s identity during contract negotiation and the consequences of nondisclosure.

Comprehend the process of ratification and its applicability in binding principals to unauthorized acts.

Realize the extent of an agent’s authority in managing property and contracting for necessary repairs.

Recognize the conditions under which a principal’s ratification of a contract can be implied from conduct.

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Definitions:

Equitable

Pertains to fairness or impartiality in the distribution of benefits and burdens within society.

Marginal Cost

The extra expenditure involved in generating an additional unit of a product or service.

Social Value

The importance or benefit that something has to society, which might not be reflected in its market price, such as education or environmental protection.

Resources

Assets, materials, and inputs used to produce goods and services, including natural resources, human resources, and capital.