Asked by
Arshia Refai
on Nov 30, 2024
Verified
An agent will not be authorized to act for a principal unless he receives some consideration for the task.
Consideration
Something of value exchanged between parties in a contract, making the agreement binding and legally enforceable.
Authorized
Having official permission or approval.
Principal
The amount of money originally invested or loaned, upon which interest is calculated, or in agency relationships, the person who empowers an agent to act on their behalf.
- Understand the process of creating and terminating agency relationships, including specific conditions pertaining to irrevocability.
Verified Answer
TC
Learning Objectives
- Understand the process of creating and terminating agency relationships, including specific conditions pertaining to irrevocability.