BUSINESS ADMINISTRATION
BUSINESS LAW
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Apparent Authority
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Express Agreement
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Implied Agreement
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Fiduciary Relationship
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Detailed explanation-1: -Express agency is an actual agency created by the written or spoken words of the principal authorizing the agent to act on behalf of the principal.
Detailed explanation-2: -An agency relationship involves one party (the agent) who has the authority to act or represent another party (the principal). Here, the agent acts as an intermediary between the principal and third parties when undertaking specific tasks. Agency relationships are common in many transactions.
Detailed explanation-3: -A principal and agent may expressly agree to form an agency relationship. The agreement can be oral or in writing. The principal must simply confer the authority upon the agent to act on her behalf. The subject matter of the agency relationship must be legal.