Under the Second Restatement, All Third Parties That Were Aware

question 59

True/False

Under the Second Restatement, all third parties that were aware of the apparent authority of the agent must have actual and not constructive notice to terminate the agent's apparent authority.

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Definitions:

Price Change

The fluctuation in the selling price of goods or services over a period of time.

Moral Obligation

A duty or commitment that is not legally enforceable but is dictated by personal ethics or social norms.

Adequate Consideration

Sufficient value that is fairly exchanged between parties in a contract.

Legal Duty

An obligation imposed by law on individuals or entities, requiring them to conform to a standard of conduct for the protection of others against unreasonable risks.