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:

Unrestricted

Not limited or constrained; free from conditions or restrictions.

Revenues

The income generated from normal business operations, often from the sale of goods and services to customers.

Nonprofits

Organizations that operate for the promotion of a certain cause or the well-being of a community without the primary goal of financial profit.

Lobby

Lobby refers to the act of attempting to influence the decisions made by officials in the government, most often legislators or members of regulatory agencies.