If a Principal Does Not Ratify an Unauthorized Contract,the Principal

question 10

True/False

If a principal does not ratify an unauthorized contract,the principal is not bound.

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Definitions:

Total Utility

The entire pleasure derived from using a certain aggregate quantity of a good or service.

Consumer Surplus

The difference between the maximum price consumers are willing to pay for a good or service and the actual price they do pay.

Marginal Utility

The additional satisfaction or utility gained from consuming one more unit of a good or service.

Total Utility

The total satisfaction received from consuming a certain amount of goods or services.