Ratification Occurs When a Principal Affirms, or Accepts Responsibility For

question 5

True/False

Ratification occurs when a principal affirms, or accepts responsibility for, an agent's unauthorized act.

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Definitions:

Installment Note

A debt that requires the borrower to make equal periodic payments to the lender for the term of the note.

Periodic Payments

Regular, scheduled payments made over a period of time, such as monthly rent or quarterly insurance premiums.

Borrower

An individual or entity that takes funds from a lender under the agreement to return it with interest or equity.

Bond Issue

The process by which a company or government raises funds by selling bonds to investors.