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:

Minor Children

Individuals under the age of legal adulthood, who are considered incapable of making legal decisions on their own behalf.

Arbitration Provision

A clause in a contract that requires the parties to resolve their disputes through an arbitration process rather than through the court system.

Illegality

The quality or state of being contrary to law; involves actions that are against the law.

U.S. Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction over all U.S. federal and state court cases that involve a point of federal law.