A Partnership Does Not Have the Authority to Ratify the Unauthorized

question 80

True/False

A partnership does not have the authority to ratify the unauthorized act of partners.

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Definitions:

Firm-specific Human Capital

Knowledge, skills, and abilities acquired by employees that are uniquely valuable to a specific firm or organization.

Process Knowledge

Refers to an understanding of the sequence, methods, and nuances involved in carrying out specific procedures or tasks within an organization.

Job Analysis

The process of determining the duties, responsibilities, and qualifications of a job in order to create job descriptions, job specifications, and performance standards.

Abilities

The skills or competencies individuals possess, which enable them to perform specific tasks effectively.