An agent has a duty to keep and make available to the principal an account of all property and funds received and paid out on behalf of the principal.

Question

Quizplus · Accepted Answer

This statement is true according to the general principles of agency law. The agent is responsible for maintaining accurate records of all transactions related to the principal's property and funds, and providing regular reports to the principal. Failure to do so can result in legal action against the agent for breach of fiduciary duty.

An Agent Has a Duty to Keep and Make Available