Your favorite singer is Lady Gaga. Your friend, who knows about your interest in Lady Gaga, was looking on Craigslist and saw two tickets for sale in the third row of the Lady Gaga concert in your city two weeks from now. Your friend knows that if he doesn’t act immediately and checks with you first, the tickets will likely be gone. So, your friend contacts the seller and arranges to buy the tickets. Your friend expects that you will pay for these tickets. When your friend tells you what he did, you are thrilled and tell your friend that you will pay for the tickets. Are you legally bound to purchase the tickets?   A. No, you aren’t, because you did not ratify your friend’s actions.   B. Yes, you are, because you ratified your friend’s actions.   C. No, because you did not authorize your friend to purchase the tickets.   D. Yes, you are, because your friend did you a favor.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Your favorite singer is Lady Gaga. Your friend, who knows about your interest in Lady Gaga, was looking on Craigslist and saw two tickets for sale in the third row of the Lady Gaga concert in your city two weeks from now. Your friend knows that if he doesn’t act immediately and checks with you first, the tickets will likely be gone. So, your friend contacts the seller and arranges to buy the tickets. Your friend expects that you will pay for these tickets. When your friend tells you what he did, you are thrilled and tell your friend that you will pay for the tickets.

Are you legally bound to purchase the tickets?

 

A. No, you aren’t, because you did not ratify your friend’s actions.

 

B. Yes, you are, because you ratified your friend’s actions.

 

C. No, because you did not authorize your friend to purchase the tickets.

 

D. Yes, you are, because your friend did you a favor.

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