Question
How is a security interest usually perfected?
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Answer
By filing a financing statement, or by possession/control.
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Question
How is actual authority created in an agency relationship?
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Answer
By the principal’s express words or implied necessity.
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Question
Why can apparent authority bind a principal even without actual authority?
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Answer
The principal’s manifestations reasonably cause third-party reliance.
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Question
What duty does an agent owe the principal that is central to agency law?
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Answer
Loyalty, obedience, reasonable care, and accounting.
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