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 Inherent authority refers to acts done on the principal’s account that accompany or are incidental to transactions the agent is authorized to conduct if, although they are forbidden by the principal, the third party reasonably believes that the agent is authorized to do them and has no notice that the agent is not so authorized. Menard, 726 N.E.2d at 1212. “. Inherent agency power is a term used . . . to indicate the power of an agent  which is derived not from authority, apparent authority or estoppel, but solely from the agency relation and exists for the protection of persons harmed by or dealing with a servant or other agent.” Id. at 1211 (quoting Koval v. Simon Telelect, Inc., 693 N.E.2d 1299, 1304 (Ind. 1998)). 

In Menard, the supreme court observed, based upon the Restatement (Second) of Agency § 161, comment a (1958) that, “if one appoints an agent to conduct a series of transactions over a period of time, it is fair that he should bear losses which are incurred when such an agent, although without authority to do so, does something which is usually done in connection with the ...

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