Ratification

question 95

Multiple Choice

Ratification:

• A)can only occur after the third person withdraws from the transaction and gives notice of such withdrawal.
• B)cannot be effective against a corporation.
• C)is equivalent to prior authority.
• D)Both (a) and (b) are correct.

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Definitions:

Concession Bargaining

Negotiations where labor unions agree to give up previous benefits or wage increases to help a company reduce costs under economic pressure.

Globalization

The process by which businesses and other organizations develop international influence or start operating on an international scale.

Real Wages

Wages adjusted for inflation, reflecting the true purchasing power of the income received by workers.

Welfare Capitalism

An economic system combining a mostly market-based economy with extensive social welfare programs.