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Notes- Chapter 32

Notes- Chapter 32 - Chapter 32 Notes Liability to Third...

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Chapter 32 Notes- Liability to Third Parties and Termination Scope of Agent’s Authority The liability of a principal to 3rrd parties depends on whether the agent has the authority to enter in to legally binding contracts on the principals’ behalf. Three types of authority… 1 and 2 are actual; 3 is apparent 1) Express Authority a. Authority declared in clear and definite terms b. Can be given orally or in writing c. Equal dignity rule- if contract being executed is or must be in writing, then the agent’s authority must also be in writing i. Failure to comply with this rule can make a contract voidable d. Power of attorney -a written document that is notarized and confers express authority e. Notary public- a public official authorized to confirm the authenticity of signatures; signs and dates documents and imprints with seal of authority 2) Implied Authority a. Usually associated with the position that is occupied by the agent or authority 3) Apparent authority a.
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