Examlex
Which statement is TRUE for Mars?
Actual Authority
The explicit power granted to an agent or representative by the principal to perform certain acts on their behalf.
Principal's Ratification
The formal approval by a principal (party in authority) of an act performed on their behalf, usually validating a previously unauthorized act.
Contractual Liability
The obligations and responsibilities one party owes to another under the terms of a contract.
Unidentified Principal
An unidentified principal occurs in agency relationships when the third party interacting with the agent does not know the identity of the principal for whom the agent is acting.
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