1. Agent of limited authority- e.g.

doesn’t have the right to make any contracts that he wants,

only contracts under $5000
a. Are you a member from your business law class. When you have an agent an agent in
contract on behalf of his principal he is given the authority by his principal to enter
into a contract. But the agent may say you can enter into any contract where the
contract price is ten thousand dollars or less for more than ten thousand dollars. You
gotta come and see me agent has authority. What is the authority is limited to
contracts which are less than ten thousand dollars. This is the agent of limited
authority and you have limited authority and the guy says Let's do it for 15 you may
say I'm not at liberty to do it for 15. An agent of limited authority makes it clear that
he is unable to make a firm or final decision without acceptance by the principal.