The Principal Is Bound by Knowledge but Not by Notice

question 17

True/False

The principal is bound by knowledge but not by notice of any fact that is acquired by an agent while acting within the scope of actual or apparent authority.

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Definitions:

Entry Barriers

Barriers that hinder the ease with which new entrants can join a market or business sector.

Ready-Mix Cement

A pre-mixed blend of cement, aggregates, and water that is prepared at a batching plant and delivered ready for use at construction sites.

Local Market

Refers to the economic market surrounding a specific area where transactions between consumers and producers occur within a close geographic region.

Barriers to Entry

Factors that prevent or hinder companies from entering a particular market or industry, such as high startup costs or complex regulations.