Examlex
What is each component of the basic cost flow model? Describe each component.
Doctrine of Estoppel
A legal principle that prevents a party from denying or asserting anything to the contrary of what has previously been established as truth.
Expressly Bind
To explicitly or distinctly commit or obligate oneself or an entity to an agreement or course of action.
Unidentified Principal
Refers to a situation in agency law where an agent acts on behalf of a principal, but the identity of the principal is not disclosed to the third party.
Actual Authority
The express or implied power granted by a principal to its agent, allowing the agent to perform acts on the principal's behalf, which legally binds the principal with third parties.
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