Which of the Following Is NOT a Requirement for Ratification

question 6

Multiple Choice

Which of the following is NOT a requirement for ratification of an unauthorized contract or act involving an agent and a third party?

• A)The principal must know of all material facts involved in the transaction.
• B)The principal must have the legal capacity to authorize the transaction at the time the agent engages in the act.
• C)The principal's affirmance must occur prior to the withdrawal of the third party from the transaction.
• D)The principal must be a disclosed principal.

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Definitions:

Aggregate Supply Curve

A graphical representation that shows the total quantity of goods and services that producers in an economy are willing and able to supply at different price levels.

Price Level

A measure of the average prices of goods and services in an economy, indicating the cost of living and inflation rates.

Explicit Resource Price

The monetary value that is directly paid for the use of a resource or asset, such as wages for labor or rent for land.

Aggregate Supply Curve

A graphical representation showing the relationship between the total supply of goods and services produced in an economy and the price level.