Asked by derrick johnson on Jul 12, 2024
Verified
The law of Agency generally calls for the principal to indemnify the agent against financial loss while carrying out his/her duties.
Indemnify
To reimburse or promise to reimburse another from loss. To act as security or protection against a loss.
- Recognize the responsibilities and privileges existing between a principal and an agent, highlighting fiduciary duties.
Verified Answer
GM
Garrett MoralesJul 13, 2024
Final Answer :
True
Explanation :
Agency law implies a promise by the principal to indemnify an agent for losses that should fairly be borne by the principal.
Learning Objectives
- Recognize the responsibilities and privileges existing between a principal and an agent, highlighting fiduciary duties.