Asked by Azreen Azahari on Jun 09, 2024
Verified
An agency relationship can be created by
A) actual authority.
B) estoppel.
C) ratification.
D) apparent authority.
E) all of the above.
Actual Authority
Authority given to an agent expressly or by implication.
Estoppel
An equitable remedy that stops a party from trying to establish a position or deny something that, if allowed, would create an injustice.
Ratification
The action of officially approving or confirming an agreement or act, making it valid.
- Understand the various ways an agency relationship can be created and recognized under the law.
Verified Answer
OA
Oluwafemi AyodeleJun 09, 2024
Final Answer :
E
Explanation :
Agency relationships can be created through various means, including actual authority (where the agent is explicitly given the power to act on behalf of the principal), estoppel (where the principal's actions lead a third party to believe that an agent has authority), ratification (where the principal approves the actions of someone who acted on their behalf without authority), and apparent authority (where the agent appears to have the authority to act on behalf of the principal, leading third parties to reasonably believe so).
Learning Objectives
- Understand the various ways an agency relationship can be created and recognized under the law.
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