The Letters 'R,' 'E,' and 'A' in the Term "REA

question 27

True/False

The letters 'R,' 'E,' and 'A' in the term "REA model" stand for resources,events,and actions.

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.

Understand the concept of direct liability and respondeat superior liability.

Know how express authority is created and utilized in agency relationships.

---

Definitions:

Misrepresents

The act of providing false, misleading, or incorrect information about a material fact, intentionally or otherwise.

Tort of Deceit

A legal claim arising from intentionally misleading or deceiving another, causing harm or loss.

Quasi-contractual

A legal concept where a court enforces an obligation on parties as if they had entered into a contract, to prevent unjust enrichment.

Necessaries

Essential items required for living, often related to contracts for minors for goods and services essential to their welfare.