Craig Industries was in the business of manufacturing charcoal Craig, the corporation 's president, contracted in the name of the corporation to sell the company 's plants to Husky Industries Craig did not have authority from the board of directors to make the contract, and later the board of direc...

Unauthorized action by the agent The president was personally liable An agent who purports to co ...

Craig Industries was in the business of manufacturing charcoal. Craig, the corporation's president, contracted in the name

Question:

Craig Industries was in the business of manufacturing charcoal. Craig, the corporation's president, contracted in the name of the to sell the company's plants to Husky Industries. Craig did not have authority from the board of directors to make the contract, and later the board of directors voted not to accept it. Husky Industries sued Craig on the theory that he, as agent for the exceeded his authority and should be held personally liable for damages. Decide. [Huskey Industries v. Craig, 618 S.W.2d 458 (Mo. App. 1981)]
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...