LAW 335 Missouri State (Carol Miller) - Unit I Exam - 115 Questions with 100% Correct Answers 2022
Type of authority that is between the Principal and Agent P to A - Actual Authority Type of authority that is involves Expressed and Implied Authority - Actual Authority What are the two types of authority? and the two subtypes that go along with one of the authorities - Actual and Apparent Express & Implied go along with actual authority approval of an unauthorized contract after the contract is made - Ratification type of authority that is created between the Principal and 3rd Party P to 3rd Party - Apparent Authority In what type of authority is the Principal bound by the impression given to the 3rd party? - Apparent Authority relationship based on mutual expressed or implied consent, whereby the Agent/Servant acts on behalf of and under the right of control by the Principal/Master - Agency Principal (Master) is vicariously liable for agent (servant's) that occur in the scope of employment - torts if agent breaches duty, _ bears loss, not the innocent 3rd party - principal
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