The President of a Corporation Does Not Have Implied Authority

question 22

True/False

The president of a corporation does not have implied authority to execute commercial paper in the name of the corporation.

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Definitions:

Implied-In-Law Condition

A condition in a contract created by the court to ensure fairness, which is not explicitly stated in the contract itself.

Strict Performance

The legal requirement that contractual obligations must be fulfilled exactly as agreed, with no deviations or errors.

Deliver a Deed

The act of officially transferring ownership of real property from the grantor to the grantee by handing over the deed document.

Reasonable Time

A period which is fair and appropriate under the circumstances, considering the specific context of the situation.