Board Members Should Be Encouraged to Act in the Best

question 33

True/False

Board members should be encouraged to act in the best interest of the principal owner exclusively.

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Definitions:

Express Authority

Explicitly given power or authority to an agent or representative by a principal to perform specific acts or functions on their behalf.

Apparent Authority

A doctrine in contract law that allows a third party to hold a principal liable for the acts of an agent, if the principal's actions lead the third party to reasonably believe that the agent is authorized.

Settlement Approval

The process by which a court reviews and approves a settlement agreement between parties in a lawsuit.

Agents In Australia

Professionals or entities authorized to act on behalf of others, primarily in business transactions, within the context of Australian law and market.