Editing Implied authority (section)

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'''Implied Authority''' to contract is a legal term in [[Contract|contract law]] referring to the implied ability of an individual to make a legally binding contract on behalf of an organization by way of uniform or interaction with the public on behalf of that organization.<ref>{{Cite web |title=Implied Authority |url=https://corporatefinanceinstitute.com/resources/valuation/implied-authority/ |access-date=2023-02-22 |website=Corporate Finance Institute |language=en-US}}</ref> For example, a person carries implied authority when they are wearing a [[uniform]] or [[Name tag|nametag]] bearing the [[logo]] or [[trademark]] of a business or organization, or when they are functioning in an authorized capacity on behalf of a business or organization. An implied authority is authority that is not expressly granted by the contract, but that is assumed by the agent in order to have the ability to transact insurance business on behalf of the principal, regardless of what the contract specifically states.

Besides implied authority, there is [[apparent authority]] and [[express authority]] may apply, these three being known as The Agency Relationship. In relation to [[company (law)|companies]], apparent authority is usually referred to as "[[ostensible authority]]".