In agency law, ratification occurs when: a. there is no agency relationship, but the words and actions of the principal lead a third party to assume that an agency exists. b. fiduciary obligations are owed by an agent to a principal. c. a principal, by words or by actions, affirms a contract made by a person who in fact is not an agent. d. the obligation of an agent who acted outside the scope of his or her authority is rejected.

In a "dutch auction" for new stock, individual investors place bids for shares directly. each potential bidder indicates the price he or she is willing to pay and how many shares he or she will purchase at that price. the highest price that permits the company to sell all the shares it wants to sell is determined, and this is the "market clearing price." all bidders who specified this price or higher are allowed to purchase their shares at the market clearing price. true false