Even If the Agent Possessed No Actual Authority and There

question 15

True/False

Even if the agent possessed no actual authority and there was no apparent authority on which the third party could rely, the principal may still be liable if he ratifies or adopts the agent's acts before the third party withdraws from the contract.

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Definitions:

Surplus

The amount of a commodity or service available beyond what is directly needed by its consumers, often leading to lower prices.

Demand and Supply of Wheat

The relationship between the quantity of wheat buyers are willing to purchase and the quantity of wheat producers are willing to sell at various prices.

Temporary Price

A price set for a product or service for a limited period before it is expected to change.

Surplus

The situation in which the quantity of a good supplied exceeds the quantity demanded, often leading to lower prices.