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Section 186 of the Indian Contract Act 1872 provides that an agent's authority may be express or implied. Section 187 adds that "An authority is said to be express when it is given by words, spoken or written. An authority is said to be implied when it is to be inferred from the circumstances of the case; and things spoken or written or the ...
Legal jurisdictions which provide for apparent authority include the United States, the United Kingdom, Australia, Canada and South Africa.The doctrine of apparent authority is based on the concept of estoppel, thus, it prevents the principal from denying the existence of agency to a third party, provided that a representation, as to the agent's authority, has been made by him to the third ...
An agent who acts within the scope of authority conferred by their principal binds the principal in the obligations they create against third parties. There are essentially three kinds of authority recognized in the law: actual authority (whether express or implied), apparent authority, and ratified authority (explained here).
Express actual authority means an agent has been expressly told (i.e., explicitly told) they may act on behalf of a principal. Ireland v Livingstone (1872) LR 5 HL 395; Implied actual authority. Implied actual authority, also called "usual authority", is authority an agent has by virtue of being reasonably necessary to carry out their express ...
Ostensible or apparent authority is the authority of an agent as it appears to others. It often coincides with actual authority. Thus, when the board appoint one of their number to be managing director, they invest him not only with implied authority, but also with ostensible authority to do all such things as fall within the usual scope of ...
You are responsible for all charges incurred under your account, including applicable taxes, fees, surcharges, and purchases made by you or anyone you allow to use your account (including your children, family, friends, or any other person with implied, actual, or apparent authority) or anyone who gains access to your account as a result of ...
An "apparent" or "ostensible" authority, on the other hand, is a legal relationship between the principal and the contractor created by a representation, made by the principal to the contractor, intended to be and in fact acted upon by the contractor, that the agent has authority to enter on behalf of the principal into a contract of a kind ...
Historical volatility vs. implied volatility. Historical volatility (HV) is a statistical measure of a stock’s price fluctuations over a specific period in the past. It’s calculated using ...