Which of the following is not a necessary condition for ratification?
A) The agent must have purported to act on behalf of or as an agent for the identified principal.
B) The third party benefiting from the ratification must give consideration for the ratification.
C) The principal must have been capable of authorizing the act both at the time of the act and at the time it was ratified.
D) The principal must have full knowledge of all material facts.
B
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Bilkis Brans has 20,000 outstanding shares with four shareholders. Ester owns 9,000 shares, Mendez owns 4,000 shares, Judy owns 4,000 shares, and Aaron owns 3,000 shares
Assume that two directors of the corporation are to be elected from a potential pool of five candidates. Ester is in favor of Candidates 1 and 5, Mendez is in favor of Candidates 2 and 4, Judy is in favor of Candidates 4 and 3, and Aaron is in favor of Candidates 2 and 3. If the voting is done by straight voting, which two candidates are likely to win? A) Candidate 1 and Candidate 5 B) Candidate 1 and Candidate 4 C) Candidate 2 and Candidate 3 D) Candidate 2 and Candidate 4
Curt is self-employed as a real estate salesman and drives his car frequently to take clients to see homes for sale. Curt drove his car 20,000 miles for business purposes and 25,000 miles in total. His actual expenses for operating the auto including
depreciation are $10,000 since he drove it so much during the year. Curt has used the actual cost method since he started his business in 2013 . How much is Curt's deductible auto expense for the year?
The mid-year convention under MACRS provides that
a. Depreciation is allowable in the year of acquisition of qualified property only if the property is placed in service in the first one-half of that year. b. One half of the year-of-acquisition depreciation is allowed regardless of when the property is placed in service during the year. One-half year's depreciation is allowable for the year of disposition. c. Depreciation is allowable in the year of disposition only if the property is disposed of in the last one-half of that year. d. The cost recovery deduction is based on the number of months the property was in service in the year of acquisition. Therefore, one-half month's cost recovery is allowable for the month in which the property is place in service and for the month of disposition.
Which of the following changes would tend to increase the premium on a disability policy?
A) A shorter elimination period B) Use of "any occupation" definition of disability instead of "own occupation to which one is reasonably suited" C) Decreasing the benefit level to 50% from 66% of prior earnings D) Decreasing the payment period until age 65 to a maximum of 2 years E) Mandatory disability insurance in which the employer pays the entire premium