When an Agent Acts Beyond the Specific Authority Given by the Principal

question 43

True/False

When an agent acts beyond the specific authority given by the principal, that action will not be binding on the principal.

Learn about the significance of public statements and reputational impact in legal disputes.

Understand the components and types of intentional torts, including wrongful interference, battery, assault, and fraud.

Recognize the conditions under which liability for defamation and false imprisonment may arise.

Identify the circumstances under which competitive behavior crosses into wrongful interference with business.

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Definitions:

Collateral

Collateral that a borrower offers to a lender to secure a loan or credit, which the lender can take possession of if the borrower fails to meet the repayment terms.

Perfection

The process or action of making something completely free from faults or as close to it as possible.

Secured Party

An individual or institution that holds an interest in a secured asset or collateral to secure repayment of a loan or other credit extension.

Collateral

Assets pledged by a borrower to secure a loan or other credit, and subject to seizure on default.