AnswerPls

What is an example of express authority?

Asked by Cynthia Scanlon on September 09, 2021

Categories: Business and finance Real estate industry


Rating: 4.3/5 (76 votes)

Express authority means an agent has actually been told by contract that he or she may act on behalf of a principal. (the company for whom they work) So, for an example, XYZ insurer specifically authorizes an agent to bind certain risks.

What is an example of apparent authority? Apparent authority may arise, for example, bygiving someone who has no authority to contract materials, stationery, forms, a truck with a company logo, or letting him work out of the company office.

Who has authority to act for another? A power of attorney (POA) is a legal document giving one person, the agent or attorney-in-fact the power to act for another person, the principal. The agent can have broad legal authority or limited authority to make decisions about the principal's property, finances or medicalcare.

How does implied authority arise? Implied authority is created in a situation where the authority to_act on behalf of someone else is implied by the actions of the person. Implied authority is different from actual authority and both are part of the principle of agency.

How do you get authority? 7 Waysto gain authority:

  1. Don't pull rank. Treat people as equals.
  2. Use authority to serve.
  3. Remove obstacles rather than creating them.
  4. Live under the authority of those over you.
  5. Build alliances both up and down organizational hierarchies.
  6. Network beyond your organization.
  7. Gather and listen to advisers.