Controlling Means Overseeing the Company's Day-To-Day Operations

question 32

True/False

Controlling means overseeing the company's day-to-day operations.

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Definitions:

Implied Ratification

The act of accepting or endorsing a previously unauthorized action or agreement through behavior that implies approval, rather than through explicit consent.

Agent's Act

Refers to actions taken by an agent on behalf of a principal, where the agent has the authority to affect the principal's legal position.

Principal's Conduct

Actions or behaviors of a principal (party who has authorized an agent to act on their behalf) that can affect the principal's legal rights and liabilities.

Express Ratification

The explicit approval or confirmation of an act or contract by all parties involved, often necessary for the act's validity.