Legal aspects of business

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<University> <Legal Aspects of Business> By <Student’s ID> <Date> < Lecturer’s Name and Course Number> Legal Aspects of Business Legally, there are two types of authority that include actual authority and apparent or ostensible authority. The actual authority is further split into expressed authority and implied or usual authority. The commonplace business dealings, the involved third party at the instance of entering the contract can barely ever rely on the actual authority by the agent. In any case, the information he has regarding the authority should be sourced from the agent, the principal, or both of them (Abers, and Keck, 2013, p. 56). As such, the third party only knows what either the principal or the agent tells them which can either be true or false. In the end, the third party performs an analysis on whether to rely on the information from the representation of the principal which is under the apparent authority or the information from the agent which is a warranty of authority. The representation that results in apparent authority could be in different forms such as conduct representation where the agent is allowed to take different actions while conducting the business transactions of the principle with other people (Bainbridge, 2014, p. 19). As such, the principal represents to all the people that come to the realization that the agent is acting on the principal's authority and can, therefore, enter into any contract. Actual Authority Actual authority is the specific power that is granted by a company or agency to a third party either in written or in oral form. The powers accorded by the actual authority are

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