Examlex
Which of the following are basic freedoms under capitalism, according to Adam Smith?
Implied Authority
Power not explicitly granted to an agent but necessary to carry out the agent's duties effectively.
Expressed Agency
A legal relationship where an agent is explicitly granted the authority by the principal to act on their behalf.
Apparent Agency
The legal doctrine that allows a third party to hold a principal liable for the acts of an agent, where the principal has given the appearance of agency.
Ratification
The process by which someone gives formal consent or approval to something, often a legal or contractual agreement.
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