A Person Has Apparent Authority as an Agent When the Principal's

question 5

True/False

A person has apparent authority as an agent when the principal's words or conduct leads a third person to reasonably believe that the person has that authority and the third person relies on that appearance.

Recognize various exceptions to the general rules of contract assignment.

Understand the impact and enforcement of antiassignment clauses in contracts.

Identify the validity and implications of contract assignments despite the presence of antiassignment clauses.

Differentiate between assignment and delegation of contractual rights and duties.

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Definitions:

Stock Dividend

A dividend payment made by a company to its shareholders in the form of additional shares rather than a cash payout.

Total Assets

The sum of all assets owned by a company, including both current and non-current assets.

Par Value

The nominal or face value of a stock or bond, representing the minimum amount set by the issuing company.

State Government

The organization through which political authority is exercised at the state level, governing over a specific geographical area.