The Recession That Began in December 2007 Proved to Be

question 20

True/False

The recession that began in December 2007 proved to be mild and very short-lived.

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Definitions:

Apparent Authority

The power that a third party perceives an agent to have, based on the principal's representations, leading the third party to reasonably believe that the agent is authorized.

Undisclosed Principal

A person whose existence is unknown to the third party in a contract made by an agent on their behalf.

Apparent Authority

The power that a third party perceives an agent has over the principal, based on the principal's behavior.

Actual Authority

Actual authority refers to the express and implied powers that an agent has been intentionally granted by the principal in an agency relationship.