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Source Corporate Powers Complete Business Associations List Matched to this deck.

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An investor authorized her assistant to buy a sculpture from a gallery but instructed the assistant not to reveal the investor's name. The assistant signed a purchase contract in his own name and within the price limit the investor had set. The gallery later learned the investor's identity and sued both the investor and the assistant when payment was not made.
Who may be liable on the contract?

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Only the principal is liable because an agent for a principal is never personally liable. Both the principal and the agent may be liable, subject to the plaintiff obtaining only one satisfaction. Only the agent is liable because an undisclosed principal can never be bound. Neither the principal nor the agent is liable unless the contract used the word agency.

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