Examlex
Which of the following is a management philosophy of selecting and promoting people based solely on their being the most capable person for the job?
Authority
In agency law, an agent’s ability to affect his principal’s legal relations with third parties. Also used to refer to an actor’s legal power or ability to do something. In addition, sometimes used to refer to a statute, case, or other legal source that justifies a particular result.
Agency Relationship
A legal relationship in which one party, the agent, is authorized to act on behalf of another, the principal, in business transactions.
Gratuitous Agent
An individual who acts on behalf of another without receiving any compensation or benefit for their services.
Making a Contract
The process of creating a legally binding agreement between parties, involving offer, acceptance, and consideration.
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