A Principal's Intent to Ratify a Contract

question 9

Multiple Choice

A principal's intent to ratify a contract:

• A)needs to be expressed explicitly.
• B)may not be implied by his acts or failure to act.
• C)may be inferred by a court from the fact that the principal accepted the benefits of an unauthorized contract.
• D)may be inferred from the principal's repudiation of an unauthorized contract after becoming aware of it.

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Definitions:

Employees

Individuals who are hired by a company or organization to perform specific duties in exchange for compensation.

Population Standard Deviations

The square root of the variance of a set of values, which quantifies how much the members of a population differ from the population mean.

Test Statistic

A value calculated from sample data during a hypothesis test. It is used to decide whether to reject the null hypothesis.

P-value

The likelihood of achieving equally extreme or more extreme test results than those observed, with the presupposition that the null hypothesis is correct.