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Questions and Answers
Which of the following is a requirement for an act to be considered unauthorized?
Which of the following is a requirement for an act to be considered unauthorized?
- The act must not be recognized by law
- The act must be legal
- The act must be expressly authorized by the principal (correct)
- The act must be recognized by law
What is a requirement for an agent to act as an agent for a principal?
What is a requirement for an agent to act as an agent for a principal?
- The agent must have contractual capacity
- The agent must have full knowledge of all material facts
- The agent must have a principal who is existing and ascertainable (correct)
- The agent must not allow the third party to believe that he is the principal
Under what circumstances can a principal ratify only part of a contract?
Under what circumstances can a principal ratify only part of a contract?
- When the principal has full knowledge of all material facts
- When the principal is not existing and ascertainable
- When the principal would be subject to damages by ratifying the contract (correct)
- When the principal does not have full knowledge of all material facts
What is a requirement for a principal to be able to ratify a contract?
What is a requirement for a principal to be able to ratify a contract?
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Under what circumstances is ratification not possible?
Under what circumstances is ratification not possible?
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