Which of the following statements is true for a principal's liability for notice and payments to the agent?
A) The agent is not bound to inform the principal of knowledge the agent gains in the course of his or her responsibilities.
B) Payment to the agent of a debt owed to the principal discharges the debt if the agent has authority to receive such payments.
C) An agent who makes over-the-counter sales is viewed as having express authority to collect for the goods.
D) The principal is bound by the information that is passed on by the agent if it relates to the scope of the agent's responsibilities and authority.
Correct Answer:
Verified
Q21: Jane appointed Tom as her agent and
Q22: Apparent authority may exist:
A)only if actual authority
Q23: An agent can limit the liability for
Q24: General agents:
A)have a limited range of implied
Q25: A large and well-known corporation wants to
Q27: Jen is a buyer for Autumn's Iowa
Q28: Ratification may be inferred by a court:
A)from
Q29: A principal's intent to ratify a contract:
A)needs
Q30: For ratification to be effective:
A)the principal cannot
Q31: When Nancy's aunt left for her annual
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