Examlex
The standard deduction is an amount that one deducts in addition to one's itemized deductions.
Agency Relationship
A legal relationship in which one party, the agent, acts on behalf of another party, the principal, in conducting transactions with third parties.
Actual Authority
The express power granted by a principal to an agent to perform tasks or make decisions on their behalf.
Principal
The initial amount of a loan or investment, excluding any interest or dividends.
Agent
An individual or entity authorized to act on behalf of another.
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