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A person owns 60 percent of a corporation's shares but is not a director, officer, or employee. Without board authorization, she signs a vendor contract in the corporation's name.
Which statement is most accurate?

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A shareholder can bind the corporation only if the shareholder owns exactly 50 percent. A shareholder binds the corporation whenever the shareholder believes the contract is good for the company. A majority shareholder automatically has authority to bind the corporation to contracts. A shareholder's ownership alone does not give authority to bind the corporation.

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