Problem
The Authority of the Agent
Explain the concept of implied authority and discuss the type of authority an agent would have to make a contract under the doctrine of implied authority. Explain whether the principal would be bound on the contract made by the agent, whether the agent would be bound on the contract, and whether both could be bound on the contract. Additionally, create a hypothetical scenario illustrating situation in which there is a principal and an agent, and the agent is acting with implied authority.