Asked by DYLAN PANGIA on Jul 04, 2024
Verified
Express authority:
A) is created by agreement of partners.
B) is based on what is usual business for partnerships of the same general type.
C) is the sole determinant of a partner's actual authority.
D) is established only in writing.
Express Authority
Power clearly stated or written, given by one party to another.
Agreement Of Partners
A legal document outlining the terms and conditions under which partners agree to operate a partnership.
Actual Authority
The express or implied power given to an agent by the principal, allowing the agent to act on behalf of the principal.
- Understand partnership authority types (express, implied, apparent) and management powers.
Verified Answer
JJ
Jasmyn JamesJul 10, 2024
Final Answer :
A
Explanation :
Implied authority of a partner may not contradict a partner's express authority,which is created by agreement of the partners.An agreement among the partners can expand,restrict,or even completely eliminate the implied authority of a partner.
Learning Objectives
- Understand partnership authority types (express, implied, apparent) and management powers.