When a Non-Agent, Such as a Maintenance Supervisor, Engineer, or Finance

question 95

Multiple Choice

When a non-agent, such as a maintenance supervisor, engineer, or finance analyst makes a commitment with a supplier, this is termed _____.

• A)implied authority
• B)actual authority
• C)apparent authority
• D)limited authority
• E)None of these answers.

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Definitions:

Default

The failure to fulfill an obligation, especially the failure to make payments on a loan.

Exempt Property

Assets that cannot be seized by creditors to satisfy a debt, as defined by law.

Judgment Debt

An obligation arising from a court's final decision requiring a debtor to pay a sum of money to the creditor.

Personal Property

Assets or possessions that are movable and not permanently fixed to one location, unlike real property or real estate.