When does agency by ratification occur? What are the conditions necessary for it to be effective?
What will be an ideal response?
Agency by ratification occurs when a person misrepresents himself or herself as an agent and the principal accepts (ratifies) the unauthorized act. If the principal accepts the results of the agent's act, then the principal is bound, just as if he or she had authorized the individual to act as an agent. Two conditions are necessary for the ratification to be effective: a) the principal must have full knowledge of the agent's action; and b) the existence of the principal must be clear to the third party at the time of the agent's unauthorized act.
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What are the three early leadership perspectives that focus on different ways in which a great leader is created?
A. trait, behavioral, and contingency theories B. drive, knowledge, and cognitive theories C. initiating structure, consideration, and cognitive theories D. transactional, visionary, and empowering theories
Which of the following is the first step in strategic planning?
A) define business objectives B) develop the business portfolio C) establish the business mission D) craft a marketing strategy E) identify threats and weaknesses
Kurtain Corp leased a new building and land from Harlow Leasing Inc for 20 years. At the inception of the lease the building and land have fair market values of $150,000 and $20,000, respectively. The building has an expected economic life of 25 years. Which of the following statements is correct regarding Kurtain's treatment of the lease?
a. Kurtain should treat the lease as a capital lease provided that the land and building are recorded in separate asset accounts and accounted for separately. b. Kurtain should treat the lease as a capital lease only if there is either a bargain purchase option or an automatic transfer of ownership at the termination of the lease. c. Kurtain should treat the lease as a capital lease even though there is no bargain purchase option and no automatic transfer of ownership at the termination of the lease. d. Kurtain should treat the lease as a capital lease only if Harlow treats the transaction as a leveraged lease.
What is slice-and-dice capability?
A. Finds the inputs necessary to achieve a goal such as a desired level of output B. Enables users to get details, and details of details, of information C. Enables the examination of information from different perspectives D. Involves the aggregation of information and features simple roll-ups to complex groupings of interrelated information