A Principal Is Not Bound in Contract with the Third

question 151

Multiple Choice

A principal is not bound in contract with the third party with whom the agent dealt if the agent is:

• A)outside his or her authority but the principal ratified it.
• B)within his or her express authority.
• C)outside his or her actual and apparent authority.
• D)within his or her implied authority.
• E)within his or her apparent authority.

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Definitions:

Interest Rate

The percentage of a sum of money charged for its use, typically expressed as an annual percentage rate.

Undergraduate Students

Individuals enrolled in a college or university program leading to a bachelor's degree or similar qualification.

Private Student Loan

A non-federal lending option for education, provided by banks or financial institutions, that is not backed by the government.

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A financial institution authorized to receive deposits, offer loans, and provide various financial services to its customers.