Asked by Gloria Martin-Mays on May 05, 2024
Verified
An expressed agency is the most common type of agency but it does not give the agent the authority to contract on behalf of the principal.
Expressed Agency
An agency created in a written or oral agreement. Also called agency by agreement.
Principal
The main party to a transaction, such as a buyer or seller in a contract, or an individual who empowers another (agent) to act on their behalf.
Contract Authority
A power granted to an individual or entity to enter into legally binding agreements on behalf of another person or entity.
- Distinguish between expressed, implied, and apparent agency, as well as ratification in agency creation.
Verified Answer
ZK
Zybrea KnightMay 06, 2024
Final Answer :
False
Explanation :
An expressed agency is a type of agency where the principal and agent explicitly agree on the agency relationship, typically through a written or oral agreement, and it does give the agent the authority to contract on behalf of the principal within the scope of the agency agreement.
Learning Objectives
- Distinguish between expressed, implied, and apparent agency, as well as ratification in agency creation.