Examlex
Alan has won his school's spelling bee by correctly spelling the word, "conscious." Alan has performed a
Ratification
The act of officially approving or confirming an action or decision, usually after the fact, which might not have been initially authoritative or agreed upon.
Apparent Authority
Apparent authority refers to a situation where a third party is led to believe that an agent has the right to act on behalf of a principal, regardless of whether this is true.
Actual Authority
The explicit power given to an agent by a principal, enabling the agent to perform acts on behalf of the principal.
Taxable Income
The portion of an individual's or entity's income used to determine how much tax is owed to the government in a given tax year.
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