You are vice president of acquisitions for a medium-sized food company, Good Time Foods. The company's board of directors has given you authority to negotiate acquisitions of food brands on behalf of Good Time. The board has told you in written and oral instructions that you have the power to acquire any food brand if the acquisition price is not greater than $10 million, which is the authority typically given to vice presidents in the industry. Will Good Time be bound on a contract for $40 million that you sign if you present the contract to the board, and the board decides to reject the contract? Why, or why not?