A Business Entity That Hires Labor and Capital to Produce

question 33

Multiple Choice

A business entity that hires labor and capital to produce a product is known as a(n)

• A) employee
• B) firm
• C) resource

Realize the extent of an agent’s authority in managing property and contracting for necessary repairs.

Recognize the conditions under which a principal’s ratification of a contract can be implied from conduct.

Identify the scenarios in which principals are liable for agents’ misrepresentations.

Understand the concept of direct liability and respondeat superior liability.

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Definitions:

Subjectively Found

Pertains to judgments or assessments made based on personal opinions, feelings, or tastes, rather than external facts or evidence.

Employment Rights

Legal rights and protections granted to employees, including minimum wage, work hours, and safety conditions.

Age Discrimination in Employment Act

A U.S. law that forbids employment discrimination against anyone at least 40 years of age in the United States.

State Legislature

The legislative body of a state in the United States, responsible for creating laws and budgets within that state.