Discuss the Extent of an Agent's Authority to Bind a Principal

question 5

Essay

Discuss the extent of an agent's authority to bind a principal in dealings with a third party.

---

Definitions:

Cost-Benefit Analysis

An economic approach to decision-making that compares the financial costs and benefits of a project or decision to determine its viability.

Training Program

An organized and structured series of educational activities or resources designed to enhance the skills, knowledge, and efficiency of employees.

Cognitive Approach

A method in psychology that focuses on understanding how people process information, think, and learn, emphasizing mental functions.

Socialization

The process by which individuals learn and adopt the customs, values, and behaviors appropriate to their society or social group.