252. Implied authority of broker
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A broker has implied authority—
(1) Where he or she has made a contract, to sign an entry in his or her book, or to sign bought and sold notes, on behalf of and so as to bind both buyer and seller.
(2) To sell on reasonable credit, where there is no usage to the contrary.
(3) Where he or she sells for an undisclosed principal, to receive payment of the price in accordance with the terms of the contract.
(4) To act in accordance with the usage, rules and regulations of the market in which he or she deals, except so far as such uasage, rules or regulations are illegal or unreasonable or contrary to express instructions.
(5) To close his or her account with his or her principal, in whole and not in part, if the principal fails to pay differences when due.