30 Apr Question: Define the reservation price for the consumer and how it is related to the marginal benefit for a…
T makes a written offer to K to lease certain property to P, which K accepts on behalf of P. K did not have actual authority to accept the offer on behalf of P. T withdraws the offer. P then ratifies the K’s acceptance. Does T have an agreement with P?
| Yes. The ratification will operate retrospectively. | ||
| No. Ratification does not operate retrospectively. | ||
| Yes. At the time of acceptance K had actual authority. | ||
| No. At the time of acceptance K did not have implied authority. |
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