Your Firm Seeks to Obtain a Short-Term Loan from a Local

question 54

True/False

Your firm seeks to obtain a short-term loan from a local bank. The banker quotes you a rate of 9%. This is a real rate.

---

Definitions:

Manifest Consent

Clearly and unmistakably expressed agreement or approval to an action or proposal.

Authorized Act

An action that has been officially approved or sanctioned by the proper authority.

Express Authority

The clear, direct authority granted by a principal to an agent, specifically outlined in their agreement.

Actual Authority

An agent’s ability to affect the principal’s legal relations. Consent must be communicated to the agent.