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Zorluk: KolayAgent Authority and Agency Law

Mark recently signed an agency agreement with Horizon Mutual. The written contract explicitly states that he is authorized to bind property insurance policies up to a limit of $500,000. Under agency law, which of the following best describes this specific type of authority?

  1. Express authorityCevap
  2. B
    Implied authority
  3. C
    Apparent authority
  4. D
    Waiver and estoppel

Cevap

Express authority
The correct answer is express authority because it refers directly to the powers explicitly detailed and granted in the written agency contract between the producer and the insurer.

Adım Adım Çözüm

1
Analyze the source of the agent's power described in the scenario.
The authority is granted through a written contract with explicitly stated limits.
Identifying exactly how the authority was granted determines its legal classification.

Anahtar Kavram

Express authority is the specific power explicitly granted to an agent in a written or oral agency contract.
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Konular

Agent Authority and Agency Law

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