SC Auctioneer Practice Questions - South Carolina Licensed Auctioneer Exam

What is 'apparent authority' and how might it arise in the auction context?

It is the same as express authority Authority that arises when the principal's conduct leads third parties to reasonably believe the agent has authority, even if not expressly granted Authority that only applies to government auctions Authority that is only created by written contract

Correct Answer:

Authority that arises when the principal's conduct leads third parties to reasonably believe the agent has authority, even if not expressly granted

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