Asked by Alejandro Arias on May 02, 2024
Verified
An agent filing for bankruptcy automatically terminates the agency relationship.
Filing for Bankruptcy
A legal process through which individuals or entities declare their inability to pay their debts, seeking relief from some or all of their financial obligations.
- Gain insight into the processes by which agency connections are formed and dissolved.
Verified Answer
GG
Giselle GomezMay 08, 2024
Final Answer :
False
Explanation :
A reason for termination not listed in the Restatement (Third)of Agency is the agent's bankruptcy,where the agent's financial condition affects his ability to serve the principal.
Learning Objectives
- Gain insight into the processes by which agency connections are formed and dissolved.