agency Flashcards
1
Q
actual authority
A
the authority a partner reasonably believes he has based upon the partnership agreement or communications between the partners.
2
Q
apparent authority
A
Apparent authority exists when a partner acts in the ordinary course of the partnership business or in the kind of business carried out by the partnership. However, apparent authority does not exist if the partner had no authority to act for the partnership in the particular matter, and the person with whom to partner was dealing knew or had received notification that the partner lacked authority.