The Principal's Ratification of a Contract Can Be Implied from His

question 44

True/False

The principal's ratification of a contract can be implied from his conduct,even if the principal says nothing to ratify.

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Definitions:

W-2 Income

Earnings reported through a Form W-2, showing the total income and taxes withheld from an employee's paycheck by their employer.

Impute Interest

The process of assigning an implied interest rate to an interest-free or below-market interest loan, which then becomes taxable under the Internal Revenue Code.

Deferred Payment

An arrangement that allows payment to be made at a later date, often used in installment purchases or loans.

Group-Term Life Insurance

A type of life insurance where coverage is provided to a group of people by an employer or association, often at a lower cost than individual policies.