Ordinarily,an Agent Is Not Liable for Unauthorized Acts Made on Behalf

question 4

Multiple Choice

Ordinarily,an agent is not liable for unauthorized acts made on behalf of a principal if:

• A)the third party has no knowledge about the principal's identity.
• B)the third party knows that the principal lacks legal capacity.
• C)the principal eventually ratifies the contract.
• D)the principal is undisclosed.

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Definitions:

Allocative Efficiency

The state of resources being allocated in a way that maximizes the welfare or utility of consumers according to their preferences.

Productive Efficiency

A condition where an economy or firm produces goods or services at the lowest possible cost, utilizing resources in the best way possible.

World's Top Brands

Brands that have achieved global recognition and success, often characterized by strong identity, exceptional quality, and significant influence on consumer choices.

Differentiated Oligopoly

A market structure in which a few firms offer products or services that are not perfect substitutes, leading to competition based on product differentiation.