Jim Wallace, an agent for Lux, made a contract with Doolittle that exceeded Wallace's authority. If Lux wishes to hold Doolittle to the contract, Lux must prove that
A. Lux ratified the contract before withdrawal from the contract by Doolittle.
B. Wallace was acting in the capacity of an agent for an undisclosed principal.
C. Wallace believed he was acting within the scope of his authority.
D. Wallace was Lux's general agent even though Wallace exceeded his authority.
Answer: A. Lux ratified the contract before withdrawal from the contract by Doolittle.
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Which statement is correct if the null hypothesis for a one-way ANOVA is rejected?
A) The effect of the independent variable is significant. B) The mean value of the dependent variable will be the same for different categories of the independent variable. C) The independent variable does not have a significant effect on the dependent variable. D) Both B and C are correct.
Roger contracts with Music Company to buy one of its pianos for $2,000. Music Company has
several of these pianos in stock and can buy an unlimited number from the manufacturer. Roger refuses to accept this piano, and Music sells it to another customer for $1,900. If Music sues Roger for breach of contract, the proper measure of Music's damages would be: A) Lost profits. B) Contract price less fair market value. C) Contract price less resale price. D) Music suffered no damage. E) Contract price.