A(n) ..... is a relationship between two parties created by an implied or an express agreement or by law, that empowers one of the parties by word or action to legally bind the other.

BUSINESS LAW

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A(n) ____ is a relationship between two parties created by an implied or an express agreement or by law, that empowers one of the parties by word or action to legally bind the other.

A	Agency
B	Agent
C	Principal
D	Authority

Explanation:

Detailed explanation-1: -The definition of an implied agency is the relationship between a client and an agent, often called the listing agent. The client is often referred to as the principal and this relationship exists even though there is no formal agreement between them.

Detailed explanation-2: -The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. 1 In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.

Detailed explanation-3: -Generally, an agent acts on behalf of the principal in his dealings with a third person, a contractual relationship between the principal and the third person is created and the agent is not personally liable.

There is 1 question to complete.

BACHELOR OF BUSINESS ADMINISTRATION

BUSINESS ADMINISTRATION

BUSINESS LAW