Selma Corp and Kor Industries Inc are steel producers that have entered into a joint venture to recycle their waste.They have set up a corporation, Re-Steel Co, to carry on the joint venture business.Selma and Kor are shareholders and each has a nominee on the board of directors.The employees of Selma and Kor must be agents of the joint venture.

Question

Quizplus · Accepted Answer

The employees of Selma and Kor are not automatically considered agents of the joint venture (Re-Steel Co) unless they are specifically appointed as such. Being employees of the parent companies does not inherently make them agents for the joint venture.

Selma Corp and Kor Industries Inc Are Steel Producers That