The History of Socialism Dates Back To

question 24

Multiple Choice

The history of socialism dates back to:

• A) Vladimir Lenin, in the early 1900s.
• B) Karl Marx, in the mid-1800s.
• C) Robert Owen, in the 1600s.
• D) biblical times.

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Definitions:

Implied Authority

The power of an agent to perform acts that are reasonably necessary to accomplish the purpose of an organization, even if not explicitly granted.

Express Authority

An agent’s authority that the principal voluntarily and specifically sets forth as oral or written instructions in an agency agreement.

Apparent Authority

A situation where a reasonable person would understand that an agent had the power to act on behalf of a principal, even if the agent did not have actual authority.

Agency Relationship

A legal and principal relationship between two parties, where one (the agent) is authorized to act on behalf of the other (the principal) in business transactions.