A Principal Is Not Bound by Statements Made by an Agent

question 5

True/False

A principal is not bound by statements made by an agent during the transaction of business that is within the scope of the agent's authority.

Distinguish between different types of contracts based on their legality and enforceability.

Identify the role of intention in forming a legally binding contract.

Understand the implications of domestic and commercial agreements on the presumption of legal intent.

Recognize the necessity of written evidence for certain contracts under the Statute of Frauds.

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Definitions:

POM for Windows

POM for Windows is a software application designed to facilitate decision making in production and operations management by providing various analytical models.

Process Standard Deviation

A measure of variability or dispersion in a process or system, showing how much variation exists from the average.

Control Limits

Statistical boundaries within a control chart that signal the range of variability expected in a process's stable and controlled state.

Proportion

is a mathematical concept that denotes a part, share, or number considered in comparative relation to a whole.