11. An agent is contractually liable to a third party with whom he/she deals:

Group of answer choices

when the agent has apparent authority to act on behalf of the principal.

when he/she works for a truly undisclosed principal.

whenever the agent exceeds his/her actual authority.

when the principal ratifies the agent's unauthorized contract.

25. An association of small, local grocers has been charged with price fixing in violation of the Sherman Act. Which of the following is true?

Group of answer choices

Even if the association can prove that its purpose in fixing prices was to compete more effectively against larger competitors, it will be found to be in violation of the Sherman Act.

If the association can prove that it did not have control of the market, it will not be found in violation of the Sherman Act.

If the association can prove that its price agreement does not constitute an unreasonable restraint of trade under the Rule of Reason, it will not be found to be in violation of the Sherman Act.

If the association can prove that its agreed upon prices are fair and reasonable, it will not be found in violation of the Sherman Act.