8.An undisclosed principal

a.has no liability.

b.is bound to any contract properly made by his/her agent with a third party.

c.is liable under the UCC if a reasonable person under similar circumstances would find him/her liable.

d.may be subject to punitive damages for fraud.

9.Ratification

a.is an agents approval of actions taken by his/her principal.

b.must be in writing.

c.is a principals approval of his/her agents unauthorized act.

d.must be made within a reasonable time to be effective.

10.An agents implied authority

a.is not always present in a principal/agent relationship.

b.can cause additional liability to be imposed on the agent.

c.exists by virtue of being reasonably necessary to carry out the agents express authority.

d.can only be disclaimed by the principal, not the agent.