The vice-president of operation for a chain of bakeries bought property in another city in which the chain had planned to expand. The normal practice is for the bakery chain's board of directors to authorize any such purchases prior to purchase. However, when the board members now discover this acquisition and its value, they wonder how to proceed so the bakery chain can acquire the property.

Group of answer choices

The board already owns the property and nothing more needs to be done.

The bakery chain can ratify the vice-president's actions and take over the contract.

The bakery chain cannot ratify the contract unless the vice-president had express authority to buy the land.

If the bakery chain ratifies the contract, the effect is that the vice-president is released from liability on it.

none of the above