What type of authority is described as being specific and written in the agent's contract?

The correct answer is described as exclusive authority, which refers to the specific and written powers granted to an agent through their contract with a principal. This type of authority clearly outlines the agent's roles, responsibilities, and the extent of their power to act on behalf of the principal in particular situations or for specific types of transactions.

When an agent has exclusive authority, it means that only they possess the rights to perform certain tasks or make decisions related to the principal’s affairs as defined in the contract. This explicit designation helps to avoid confusion about the scope of the agent’s responsibilities and ensures that the principal’s interests are protected.

Understanding exclusive authority is important in distinguishing it from other types of authority. Implied authority, for example, allows an agent to perform actions that are necessary for carrying out their duties, even if those actions are not expressly written in the contract. Apparent authority, on the other hand, arises when a third party perceives an agent to have authority based on the principal’s representations, even if such authority was not actually granted. General authority typically refers to broader powers given to an agent to act on behalf of the principal in various matters. These distinctions highlight the importance of understanding the nature of authority in the context of agency relationships.