A principal's intent to ratify a contract:
A. may be inferred from the principal's failure to repudiate an unauthorized contract after becoming aware of it.
B. may be inferred by a court from the fact that the agent accepted the benefits of an unauthorized contract.
C. can only be inferred by the agent's actions.
D. may not be implied by his acts or failure to act.
Answer: A
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A company sold merchandise with a cost of $207 for $370 on account. The seller uses the perpetual inventory system. The entry to record the cost of merchandise sold would include ________.
A) a debit to Sales Revenue and a credit to Cash for $370 B) a debit to Cash and a credit to Sales Revenue for $370 C) a debit to Cost of Goods Sold and a credit to Merchandise Inventory for $207 D) a debit to Merchandise Inventory for $207 and a credit to Cost of Goods Sold for $207
To avoid being bound by the acts of the agent after the agency has ended, the principal:
A. should give verbal notice if the termination is due to loss of legal capacity by the principal. B. should get the agent to give notice. C. should give actual notice to those who have dealt with the former agent. D. need not give notice as he has no liability.
As stated in the thinking critically about organizational support and creativity section of the textbook, middle managers can strengthen the extent to which employees perceive that they are valued and cared for by the organization, by strengthening which two factors below?
A. employee’s identification with their work unit and their identification with the organization’s mission B. employee’s expectation of career success and employee’s buy in with the organizations vision C. emotional intelligence and cognitive aptitude D. employees’ identification with their work unit and their expectations of career success
Skills for critical thinking should include ______.
A. biases B. self-awareness C. passivity D. undisciplined thinking