Question: Nu Enterprises Ltd. hired Jared as its purchasing agent. Jared was given the authority to purchase up to $20,000 of inventory without getting prior approval

Nu Enterprises Ltd. hired Jared as its purchasing agent. Jared was given the authority to purchase up to $20,000 of inventory without getting prior approval from the CEO of Nu Enterprises Ltd. Jared discovered inventory at 50% off the normal cost so purchased $19,900. When the CEO of Nu Enterprises received the inventory, the CEO was not happy with the inventory and wanted to reject the inventory. Is Nu Enterprises Ltd. bound by Jared's agreement? Please explain your answer by referring to the relevant legal concepts.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

BMGT 380 - Final Exam Questions for E-resources - Fall 2014 Multiple Choice: 1 point each 1. Sam orally agreed to sell Jamie some land for $500,000. Jamie paid Sam the $500,000; Sam gave Jamie the...

1. Sam orally agreed to sell Jamie some land for $500,000. Jamie paid Sam the $500,000; Sam gave Jamie the deed to the land. Jamie took possession of the land and began building a cabin on it. One...

BMGT 380 - Final Exam Questions for E-resources - Fall 2014 Multiple Choice: 1 point each 1. Sam orally agreed to sell Jamie some land for $500,000. Jamie paid Sam the $500,000; Sam gave Jamie the...

Required: (a) Considering issues of performance measurement and control, what are the benefits and risks of the standardization that you read about in this case? (b) Do Exhibits 5 & 6 point to an...

Communications of the Association for Information Systems Volume 15 Article 5 1-26-2005 Outrigger Hotels and Resorts: A Case Study Gabriele Piccoli Cornell University, gp45@cornell.edu Follow this...

This is business writing: clear and to the point. Literary and dramatic embellishments are unwelcome. Use terminology, grammar and punctuation correctly. Treat this as if you are working for the...

MGT 489 Beanz Coffee: Point of View Analysis 1 The analysis is meant to be an exercise to be performed by you on the case at hand. You identify a problem and work it through with the information you...

How can we assess whether a project is a success or a failure? This case presents two phases of a large business transformation project involving the implementation of an ERP system with the aim of...

Post-mortem of the first phase: How should a vision be communicated? This case presents two phases of a large business transformation project involving the implementation of an ERP system with the...

For this assignment, you will write a case analysis. You have a choice of using Case 27 in your textbook, 3M - The First 110 Years, or choosing a case from the list below. Then, write a comprehensive...

Mr. and Mrs. Fox acquired a rental property on January 2, 2021, in the City of Ottawa. Although it is generally difficult to rent a property during the coldest winter months in Ottawa, the homeowners...

The mission of a Canadian research firm is to "explore the impact of the gambling debt on families, communities, work, home, and daily life to provide resources for those struggling with addiction."...

Define Personality.

What types of training programs do you think might be appropriate for training managers? How about for trainng employees?

3.93 Distinguish among joint probability, marginal probability, and conditional probability. Provide some examples to make the distinctions clear.

3.91 Bayes theorem is important because it provides a rule for moving from a prior probability to a posterior probability. Elaborate on this statement so that it would be well understood by a fellow...

3.92 State, with evidence, whether each of the following statements is true or false: a. The probability of the union of two events cannot be less than the probability of their intersection. b. The...