Identify the correct statement. Both express and implied authority are forms of actual authority. Apparent/ostensible authority is a form of implied authority. When implied actual authority exists, the principal is only bound by conduct of an agent who acts within the terms of the implied authority where the third party relied on the impression created by the principal, and thus assumed the agent had actual authority. When implied actual authority exists, the principal is only bound by conduct of an agent who acts within the terms of the implied authority where the principal acts in a way that suggests to third parties that the agent had authority to act