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Which best describes the types of agency authority held by

 

Customer 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: 452 days and 16 hours ago.
Category: Business and Finance Homework
Value: $30
Status: CLOSED

Accepted Answer

Expert:  KellyV2012 replied 452 days and 15 hours 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,

Expert TypeBachelor's Degree
Category: Business and Finance Homework
Pos. Feedback: 100.0 %
Accepts: 170
Answered: 2/15/2012

Experience: Business Administration Option is Accounting and Finance

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