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Loan Liability for Retail Marketing Businesses

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Serges is the owner of a retail marketing business. His managing agent borrowed $3,500 from David on Serges's behalf, for use in Serges's business. Serges pain $200 on the alleged loan and on several other occasions told David that the full balance owed would eventually be paid. He then disclaimed liability on the debt, asserting that he had not authorized his agent to enter into a loan agreement, David brought this action to collect on the loan. Decision?

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The expert examines loan liability for retail marketing businesses.

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A major legal principle at work here is the law of agency. Agency law deals with any "principal"-"agent" relationship, where one person has legal authority to act for another. Such relationships arise from explicit appointment, or by implication. In any business, one person cannot always travel everywhere to negotiate all the transactions necessary to maintain or grow the ...

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