Suppose Jones agreed with Smith that Smith would serve as his agent for business purposes until May 20, 2015. On that day, Smith's actual or apparent authority expired. Jones gave notice to all relevant parties of the termination. This is known as termination of the principal-agent relationship by .

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The principal-agent relationship was terminated by lapse of time because the agreement specified an end date (May 20, 2015), after which Smith's authority expired.

Suppose Jones Agreed with Smith That Smith Would Serve as His