Sherwood Entered into a Contract to Buy Some Real Estate

question 23

True/False

Sherwood entered into a contract to buy some real estate from Idris Real Property Inc.on behalf of Mento Corp, a major developer.Sherwood told Idris that he was the vice-president of acquisitions at Mento.In fact, Sherwood is not affiliated with Mento in any way and has no authority to act on behalf of Mento.Sherwood is not liable to Idris under the contract, but would be liable to Idris for breach of warranty of authority.

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Definitions:

Controllability

The degree to which an individual can influence or manage the outcomes or conditions in their life or environment.

Predictability

The extent to which future events are predictable based on present or past information.

Conservation

In psychology, the concept that a child recognizes that quantity does not change with physical rearrangement; in environmental science, the protection of natural resources.

Public Commitments

Decisions or promises made in a public setting, which are more likely to be upheld due to the added pressure of social accountability.