Examlex
Choose the one most appropriate answer for each.
-ADH
Contracts
Legally binding agreements between two or more parties that create mutual obligations enforceable by law.
Actual Authority
The specific power given to an agent by a principal, derived from their agreement and can be express or implied based on their actions.
Apparent Authority
The perception by a third party that an agent has the authority to act on behalf of a principal, even if such authority has not been explicitly or implicitly granted.
Principal Liable
Refers to the legal responsibility of the principal party in a relationship (such as an employer) for certain actions of their agents or employees under the doctrine of vicarious liability.
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