Asked by Hayden Brown on May 19, 2024
Verified
Which of the following is generally defined as a relationship between a principal and an agent?
A) Agency
B) Principality
C) Collusion
D) Employment
E) Concordance
Agency
A legal and business relationship in which one party, the agent, is authorized to act on behalf of another party, the principal, in transactions with third parties.
Principal
In finance, refers to the original sum of money borrowed in a loan, or put into an investment, not including the interest. In a second context, it can refer to the primary party involved in a transaction or the main individual in a business.
Relationship
The way in which two or more concepts, objects, or people are connected, or the state of being connected.
- Ascertain the roles and responsibilities involved in an agency relationship, highlighting the parts played by agents and principals.
Verified Answer
Learning Objectives
- Ascertain the roles and responsibilities involved in an agency relationship, highlighting the parts played by agents and principals.
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