When an Employee Who Is Not a Legal Agent of the Company

question 5

True/False

When an employee who is not a legal agent of the company agrees to buy something from a salesperson and the item is received and the company pays the invoice, the employee is exercising implied authority.

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Definitions:

Nuts

Edible seeds or fruits with a hard shell and a kernel that is eaten or used in cooking.

Berries

Small, pulpy fruits that are typically sweet or sour in taste and do not have a stone or pit, although there are exceptions.

Utility Function

A mathematical representation in economics that calculates an individual's preferred ranking of various bundles of goods, showing satisfaction levels from consumption.

Budget Constraint

A limit on the consumption bundles that a consumer can afford based on their income and the prices of goods.