Express Authority Consists of the Agent's

question 64

Multiple Choice

Express authority consists of the agent's:

• A) inability to conduct business for the principal
• B) ability to mingle his funds with those of the principal
• C) written or oral instructions from principal to agent
• D) ability to hold power of attorney for the principal
• E) ability to withhold services in the event of nonpayment by the principal

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Definitions:

Institutions

Structures or mechanisms of social order governing the behavior of a set of individuals within a given community, including laws, norms, and organizations.

Society

An organized group of individuals living together in a structured community with shared laws, traditions, and values.

Economizing Problem

The need to make choices about how to best use limited resources to satisfy unlimited wants.

Limited Resources

The economic principle that the available resources (such as time, money, and raw materials) are insufficient to satisfy all wants and needs.