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In the context of agency, ratification refers to: Reaffirming a contract that one previously agreed to. Agreeing, after reaching majority, to be bound by a
- In the context of agency, ratification refers to:
- Reaffirming a contract that one previously agreed to.
- Agreeing, after reaching majority, to be bound by a contract entered into as a minor.
- Agreeing to be bound to a contract entered into by an agent that exceeded the agent's authority at the time the agent entered into it.
- Getting the appropriate agency to agree to take steps to reduce an excessively large rodent population.
QUESTION 42
- In an agency for a fixed term, such as one year, prior to the end of the stated period, the agent has:
- The power, but not the right, to terminate the arrangement.
- The right, but not the power, to terminate the arrangement.
- Both the power and the right to terminate the arrangement.
- Neither the power nor the right to terminate the arrangement.
QUESTION 43
- Stock certificates are tangible personal property.
- True
- False
QUESTION 44
- The finder of lost property acquires the same rights as the finder of mislaid property.
- True
- False
QUESTION 45
- Ordinary bailments include bailments for the sole benefit of the bailor, mutual benefit bailments, and bailments for the sole benefit of the bailee.
- True
- False
QUESTION 46
- A stock certificate is an example of:
- Tangible, personal, private property.
- Intangible, personal, private property.
- Intangible, real, private property.
- Intangible, personal, public property.
QUESTION 47
- The finder of lost property has:
- No rights in the property.
- Rights that are good against everyone but the true owner.Rights that are good against everyone including the true owner.
- Rights to use the property until it must be turned over to the state.
QUESTION 48
- The requirement that an insured would suffer a loss in the absence of insurance if the insured property is damaged or destroyed is the requirement of:
- Indemnification.
- Reinsurance.
- Insurable interest.
- Beneficiary interest
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