Which of the following is true regarding the form of authority upon which an agency relationship may be created?
A) Agency relationships can be created through expressed agency, but not through implied authority, apparent agency, or through ratification.
B) Agency relationships can be created through expressed agency or through implied authority, but not through apparent agency or through ratification.
C) Agency relationships can be created through ratification, but not through implied authority, apparent agency, or expressed authority.
D) Agency relationships can be created through ratification or expressed agency, but not through implied authority or apparent agency.
E) Agency relationships can be created through expressed agency, implied authority, apparent agency, or ratification.

Question

Quizplus · Accepted Answer

Agency relationships can be created in various ways, including expressed agency (where the parties explicitly agree on the agency relationship), implied authority (where the agent's authority is inferred from the conduct of the parties), apparent agency (where a third party reasonably believes an agent has authority based on the principal's actions), and ratification (where the principal approves the actions of a person who acted without authority).

Which of the Following Is True Regarding the Form of Authority