Agreement of the Parties, Ratification of the Agent's Activities by the Principal

question 159

Multiple Choice

Agreement of the parties, ratification of the agent's activities by the principal, application of the doctrine of estoppel and operation of law are all:

• A) ways that an agency may be established
• B) ways that an agency may be sued
• C) unacceptable ways to begin an agency
• D) informal and thus non-binding ways of establishing an agency
• E) none of the other choices are correct

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Definitions:

Continuous Innovation

Innovations that involve slight improvements or modifications to existing products, requiring minimal changes in consumer behavior to adopt.

Collective Selection Model

A theorized model wherein group decisions emerge from the collective preferences and choices of individuals within the group.

Sociological Approach

A method of understanding society and human behavior through the examination of social structures, interactions, and systems.

Snob Effect

A phenomenon where the demand for a certain good increases as it becomes more exclusive or perceived as being more prestigious, contrary to the typical behavior predicted by the law of demand.