What Are the Two Types of Authority an Agent Can

question 74

Multiple Choice

What are the two types of authority an agent can have to make the principal liable on a contract made by the agent?

• A)Actual and apparent authority
• B)Actual and ratification authority
• C)Apparent and ratification authority
• D)Ratification and estoppel authority

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Definitions:

Borderless World

The concept of a world where barriers to trade, communication, and movement are minimal or non-existent, promoting global integration.

Kenichi Ohmae

Kenichi Ohmae is a Japanese organizational theorist, consultant, and the author of several books on business strategy renowned for his work on global strategy and the "borderless world."

Capital Flows

Movements of money for the purpose of investment, trade, or business production across international borders.

Inflationary Recessions

Periods characterized by rising prices (inflation) occurring simultaneously with a decline in economic activity and employment (recession).