X CoIn Montreal Retains Y as Its Purchasing Agent to Purchase

question 22

Multiple Choice

X Co.in Montreal retains Y as its purchasing agent to purchase goods from all over the world.If Y,having purchased goods in England,enters into an agreement with a shipping company to ship the goods to Montreal

• A)Y will be in breach of the agency agreement because entering his agency agreement with X Co.is specific.
• B)Y will not be in breach of his agency agreement with X Co.because X Co.has ratified the shipping contract.
• C)Y will not be in breach of his agency agreement with X Co.because he has implied authority to enter into shipping agreements.
• D)Y will be in breach of the agency agreement with X Co.because he has no authority to enter into shipping agreements.
• E)none of the above

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Definitions:

Tax And Spending Policies

Refers to the fiscal decisions made by a government regarding how taxes are collected and revenues are spent to influence the economy.

Market Economy

An economic system where the forces of supply and demand determine the allocation of goods and services without much intervention by the government.

Aggregate Output

The total value of goods and services produced in an economy over a specific time period.

Personal Income

The total amount of income received by an individual from all sources, including wages, salaries, investments, and other earnings.