Final answer:
The correct answer is option 1. The powers stated in an agent's agency contract are called express powers, which are specifically detailed in the agreement and define the agent's authority.
Step-by-step explanation:
The powers that are stated in an agent's agency contract are called express powers. These are the powers explicitly articulated in the document that creates the agency relationship, detailing what the agent can and cannot do on behalf of the principal. Express powers contrast with implied powers, which are not specifically detailed but are assumed as necessary to carry out express powers, and apparent powers, which are based on the principal's representation to a third party about the agent's authority.
There are also actual powers, which encompass both express and implied powers. In the context of the U.S. Constitution, express powers are also known as enumerated powers, as they are specifically listed in the Constitution. An example of the national government's use of express power is its ability to regulate trade among states.