124. Effect of limitation of authority.

Where a principal, in conferring authority upon his agent to act on his behalf, imposes conditions1 or limitations2 on its exercise, no act done by the agent in excess of the conditional or limited authority is treated as the act of the principal as regards such persons as have3 or ought to have4 notice of such excess of authority, or have had notice of an irregularity placing them upon inquiry as to whether the agent's authority was being exceeded