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KellyV2012
KellyV2012, Bachelor's Degree
Category: Business and Finance Homework
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Which best describes the types of agency authority held by

Resolved Question:

Which best describes the types of agency authority held by officers of a corporation?

A. Vicarious authority
B. Express and obvious authority
C. Implied and apparent authority only
D. Express, implied, and apparent authority
Submitted: 5 years ago.
Category: Business and Finance Homework
Expert:  KellyV2012 replied 5 years ago.
Hi,

The answer is D. Expess, Implied and Apparent authority.

Agency authority of corporate officers
Officers are agents of the corporation. They can have:

  • Express authority—authority derived from corporation statutes, articles of incorporation, bylaws, and resolutions of the board of directors.
  • Implied authority—authority implied from the position of the corporate officers and the facts and circumstances of the situation.
  • Apparent authority—authority arising when a third person is reasonably led to believe that an officer has authority to act when in fact the officer does not have express authority.
Thanks,
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