Examlex
Express Authority
The power granted to an agent or entity explicitly and clearly by the principal or by law.
Actual Authority
The power granted to an agent by a principal to legally bind the principal in transactions with third parties.
Principals
The parties who are directly involved and have the major interests in a legal transaction or agreement.
Contractual Relationship
An agreement between entities, enforced by law, that outlines obligations and benefits for each party.
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