Which of the following is a false statement regarding the agency relationship?

A) It is a consensual relationship.
B) It may be formed by a formal written contract.
C) It may be formed by an informal oral agreement.
D) It can be created only for a lawful purpose.
E) As a universal rule,a person must be trained in the area of specialty involved in the agency relationship in order to qualify as an agent.

Consensual Relationship

A mutual agreement between parties or individuals without coercion or duress, often used in the context of personal or workplace relationships.

Formal Written Contract

A contract that is officially documented in written form and typically requires a certain level of formality and requirements to be legally binding.

Area of Specialty

A specific domain or field in which an individual or organization possesses extensive knowledge or expertise.