Private Enterprise Gap Is Permitted in Certain Instances For

question 48

Multiple Choice

Private enterprise gap is permitted in certain instances for:

• A)all privately held companies.
• B)all publicly held companies.
• C)all Canadian companies.
• D)Canadian companies consolidating its foreign subsidiaries.

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Definitions:

Apparent Authority

The appearance or assumption of authority based on the conduct or statements of the principal, leading third parties to believe an agent has authority to act.

Unidentified Principal

A scenario in contract law where the identity of the principal is unknown to the third party at the time of agreement.

Actual Authority

The express or implied legal power given to an agent by a principal to undertake specific actions on the principal's behalf.

Uniform Durable Power

A legal document that grants another individual the authority to manage one’s financial and legal affairs even if the grantor becomes incapacitated.