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LSDefine
Simple English definitions for legal terms
institorial power
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A quick definition of institorial power:
Institorial power is a type of power given by a business owner to someone else to act on their behalf. Power means the ability to control or influence others, or the legal right to change legal relationships. There are many different types of power, such as discretionary power, implied power, and spending power. Power can also refer to physical strength or influence in a community.A more thorough explanation:
Definition: Institorial power is the power given by a business owner to an agent to act on behalf of the owner. It is a type of civil law power.
Example: A business owner may give institorial power to an employee to make purchases on behalf of the business. The employee can act as an agent of the owner and make decisions related to purchasing without the owner's direct involvement.
Explanation: Institorial power allows a business owner to delegate certain tasks to an agent, such as an employee, and trust that they will act in the best interest of the business. The agent has the authority to make decisions related to their assigned tasks without needing to consult the owner for every decision. This type of power is common in business settings and helps to streamline decision-making processes.