Agent Authority to Contract for Principal

The video tutorial explains the concept of authority in business, focusing on three types: actual, implied, and apparent authority. Actual authority is explicitly granted to employees through contracts. Implied authority arises from the employee's role or past dealings, while apparent authority is based on the perception of third parties. The video provides examples and scenarios to illustrate these concepts, emphasizing the importance of understanding authority in business transactions.

What type of authority is explicitly granted to an employee through a contract?

• Implied Authority

• Apparent Authority

• Actual Authority

• Delegated Authority

Which type of authority is inferred from an employee's job title or past dealings?

• Actual Authority

• Implied Authority

• Delegated Authority

• Apparent Authority

If an employee has previously entered into similar agreements, what type of authority might they have?

• Implied Authority

• Delegated Authority

• Apparent Authority

• Actual Authority

What is apparent authority based on?

• Written contracts

• Reasonable belief of a third party

• Job title

• Past performance

Which of the following is NOT a type of authority discussed in the video?

• Apparent Authority

• Implied Authority

• Actual Authority

• Delegated Authority