Serges is the owner of a retail meat marketing business. without authority his managing agent borrowed $3,500 from david, on serges's behalf, for use in serges's business. serges paid $200 on the alleged loan and on several other occasions told david that the full balance owed would eventually be paid. he then disclaimed liability on the debt, asserting that he had not authorized his agent to enter into the loan agreement. should david succeed in an action to collect on the loan?

2. the language of price controls consider the market for rental cars. suppose that, in a competitive market without government regulations, the equilibrium price of rental cars is $58 per day, and employees at car rental companies earn $19.50 per hour. complete the following table by indicating whether each of the statements is an example of a price ceiling or a price floor and whether it results in a shortage or a surplus or has no effect on the price and quantity that prevail in the market. statement price control effect there are many teenagers who would like to work at car rental companies, but the minimum-wage law sets the hourly wage at $23.00. the government has instituted a legal minimum price of $87 per day for rental cars. the government prohibits car rental companies from renting out rental cars for more than $87 per day.