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A corporation's CEO signs a routine office-supply contract with a vendor that has dealt with the CEO on similar contracts for two years. The board later refuses to pay, arguing that no shareholder vote approved the contract.
Which statement is most accurate?

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A CEO's title creates authority only to commit torts, not contracts. A CEO can always sell substantially all corporate assets without board or shareholder approval. A CEO binds the corporation only if the contract is handwritten. A CEO may have actual or apparent authority to bind the corporation to ordinary business contracts.

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