Implied Ratification Arises When

question 55

Multiple Choice

Implied ratification arises when:

• A)the principal's conduct justifies a reasonable assumption that he consents to the agent's act.
• B)the principal manifests assent that his legal relations be affected.
• C)the third party withdraws from the contract before the principal manifests assent.
• D)the principal binds himself to an unauthorized or illegal act done by an agent.

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Definitions:

Repay

The act of paying back money that was borrowed from a person or institution.

Term Deposit

A fixed-term investment held at a financial institution where money can be invested for a certain period of time, earning a predetermined interest rate.

Simple Interest

Interest measured solely on the primary amount, not factoring in compounding.

Per Annum

Annually; indicating an amount or a statistical value per year.