An agency relationship cannot exist in the absence of a formal agreement.

Name: An agency relationship cannot exist in the absence of a formal agreement.
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Quizplus · Accepted Answer

An agency relationship can exist even in the absence of a formal agreement. It can arise from implied or apparent authority, custom, or necessity. However, having a formal agreement can make the terms and expectations of the agency relationship clear and can be beneficial for both the principal and agent.

An Agency Relationship Cannot Exist in the Absence of a Formal