A Principal Can Ratify an Agent's Unauthorized Act in Its

question 21

True/False

A principal can ratify an agent's unauthorized act in its entirety or merely in part.

---

Definitions:

Economic Responsibility

The obligation of organizations and individuals to make decisions that benefit the overall economy and society.

Corporate Social Responsibility

Business practices involving initiatives that benefit society, including sustainability efforts, ethical production, and community engagement.

Economic Responsibility

The obligation of an individual or organization to act in ways that are financially viable and in the best interest of the economic health of society.

Chit Fund

A type of rotating savings and credit association system practiced in India, where a group of people contribute to a common fund and bid to use the accumulated sum.