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What is the term for the maximum output that can be realized if everything operates efficiently?
Agency Relationship
represents a legal arrangement where one party, the agent, acts on behalf of another party, the principal, in dealing with third parties.
Express Authority
Explicitly given power or authority to an agent or representative by a principal to perform specific acts or functions on their behalf.
Apparent Authority
A doctrine in contract law that allows a third party to hold a principal liable for the acts of an agent, if the principal's actions lead the third party to reasonably believe that the agent is authorized.
Settlement Approval
The process by which a court reviews and approves a settlement agreement between parties in a lawsuit.
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