Dizzy Is Not Edwina's Agent but Enters into a Contract

question 17

Multiple Choice

Dizzy is not Edwina's agent but enters into a contract with Frida on Edwina's behalf.Edwina later contacts Frida to approve the contract.This is

• A)an agency by agreement.
• B)an agency by estoppel.
• C)an agency by ratification.
• D)not the creation of an agency relationship.

Grasp the concept of law as a system that facilitates social order and change.

Comprehend the classifications and types of laws (e.g., criminal, civil, procedural).

Learn about the sources of law, including constitutions, statutes, and case law.

Understand the importance and application of precedents in the legal system.

---

Definitions:

Total Revenue

The overall amount of money generated by a firm from its sales activities before any expenses are subtracted.

Marginal Cost Curve

It illustrates the change in total cost that arises when the quantity produced is incremented by one unit; this is the cost of producing one additional unit of a good.

Short-Run Supply

The supply provided by firms in the short term when at least one input, usually capital, is fixed.

Economic Profit

The contrast between the aggregate income and complete costs, both visible and unseen, of a company.