Ratification of a Contract Is a Situation in Which a Principal

question 8

True/False

Ratification of a contract is a situation in which a principal accepts an agent's unauthorized contract.

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Definitions:

Consumer Demographic

Characteristics of consumers, such as age, gender, income, and education, used for market segmentation.

Business Plan

A detailed document that outlines the objectives, strategies, financial projections, and operational guidelines for a new or existing business.

Business Plans

Detailed documents that outline the objectives, strategies, financial projections, and operational guidelines for starting and managing a business.

Potential Pitfalls

Refers to possible dangers or problems that might not be obvious at first and could hinder success.