Examlex
Which of the following is used to explain why the AD curve slopes downward?
Principal
The primary individual or entity involved in a transaction or contract, or a sum of money lent or invested on which interest is paid.
Actual Authority
The express and implied powers granted by a principal to an agent to enter into contracts or make decisions on behalf of the principal.
Apparent Authority
A doctrine in law where a principal leads a third party to believe that an agent has the authority to act on the principal's behalf, even if the agent doesn't have actual authority.
Agency Contract
A legal agreement wherein one party (the agent) agrees to act on behalf of another party (the principal) in a business transaction or other matter.
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