Estoppel Is the Concept That a Principal May Be Liable

question 33

True/False

Estoppel is the concept that a principal may be liable to a third party if that party justifiable believed that the agent had authority to act for the principal and there was a detrimental change in the third party's position.

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Definitions:

Exponents

Mathematical notation indicating the number of times a number (the base) is multiplied by itself.

Production Function

A model in economics that links physical output of a production process to physical inputs or factors of production.

Returns To Scale

An economic concept describing how the output of a production process changes as the scale of inputs is increased, divided into increasing, constant, or decreasing returns to scale.

Marginal Products

The additional output resulting from a one-unit increase in the use of a particular input, holding all other inputs constant.