Question: QUESTION 23 A principal may ratify an unauthorized contract and thus be bound on it. True False QUESTION 24 Jack, as a disclosed agent for

QUESTION 23 A principal may ratify an

QUESTION 23 A principal may ratify an unauthorized contract and thus be bound on it. True False QUESTION 24 Jack, as a disclosed agent for Mike, purchases two tons of wheat on credit from Bryan. According to the agency contract, Jack is entitled to make such purchases under Mike's name. However, Mike refuses to make payment. Which of the following is true? a. Jack can refuse payment to Bryan on the basis of an unauthorized sale. Ob. Mike can sue Jack for wrongful purchase and terminate the contract O c. Jack can make part-payment and thereby complete the sale. od. Bryan can sue Mike for damages. QUESTION 25 When an agency agreement does not state the amount of compensation, any compensation will be set on a contingent basis. True False QUESTION 26 Which of the following statements best defines a power of attomey? a. It is a document that confers the rights of ownership of certain property to another. Ob. It is a written instrument indicating how a person's property is to be divided in the event of his or her death. O c. It is the power conferred by a court on a party to manage the financial affairs of another. d. It is a written instrument indicating the appointment of an agent for the performance of certain tasks. QUESTION 27 Which of the following tasks cannot be delegated to an agent? a. Signing a business merger b. Publishing a report on a company O c Voting in a public election d. Contracting to purchase business supplies Acti

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