Which of the Following Would Be a Method for Rationing

question 17

Multiple Choice

Which of the following would be a method for rationing gasoline?

• A)Long gas lines.
• B)Use of the price system.
• C)Imposing a system where if your license plate ends in an even number,you may only buy gas on an even-numbered date and if your license plate ends in an odd number,you may only buy gas an odd-numbered date.
• D)All of the choices.

Comprehend the process of ratification and its applicability in binding principals to unauthorized acts.

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.

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Definitions:

Subrogation

The legal process by which one party, such as an insurer, assumes another's legal right to collect a debt or damages after having paid for the loss.

Insurance Law

The body of law governing the business of insurance, including the regulation of policies, claims, and the contractual obligations of parties.

Insurable Interest

A real and substantial interest in specific property or in someone’s life.

Insured-against Event

A specific occurrence or risk covered under an insurance policy, for which the insurer agrees to compensate the insured party if it happens.