The Principal Is Bound by Knowledge but Not by Notice

question 17

True/False

The principal is bound by knowledge but not by notice of any fact that is acquired by an agent while acting within the scope of actual or apparent authority.

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Definitions:

Chance Variation

Random fluctuations in data or experimental results due to unpredictable factors.

Process

A series of actions or steps taken to achieve a particular end.

Chance Variation

Chance Variation refers to the unpredictability in data or outcomes that arises from random processes inherent in statistical experiments.

Randomly Selected

The process of choosing individuals or items in such a way that each member of a population has an equal chance of being included in the sample.