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A consultant met with a software company and said, "I represent Northlake Bank, and I can sign a five-year licensing deal for the bank today." The bank had never communicated with the software company, had not listed the consultant on its website, and had not given the consultant a bank email address or business card. The software company signed the deal after relying only on the consultant's statement. The bank refused to perform.
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The principal is bound because an agent's statement about authority is always enough to create apparent authority. The principal is bound because the third party subjectively believed the agent was authorized. The principal is not bound unless the principal made manifestations that caused a reasonable belief in the agent's authority. The principal is not bound only if the agent also breached a fiduciary duty.

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