Haskins is an officer of a real estate development firm

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Reference no: EM13978220

Haskins is an officer of a real estate development firm. Haskins purchased a piece of property in a rural area of Arizona with the idea of building resort homes there. The firm has always had board resolutions for purchases of property (as is common practice) but there was no resolution for this property purchase. The other officers in the firm have learned of the value of the property and are concerned that the firm may not own the property. Which of the following statements is true?

The firm can ratify Haskin's actions and take over the contract.

The firm cannot ratify the contract unless Haskins had express authority to buy land.

If the firm ratifies the contract, the effect is that Haskins is released from liability on it.

none of the above

Reference no: EM13978220

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