The Duties That an Agent Owes a Principal Must Be

question 25

True/False

The duties that an agent owes a principal must be set forth in the agency agreement because they do not arise by operation of law.

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Definitions:

Payroll Bank Account

A separate bank account used by businesses specifically for processing payroll transactions, ensuring that funds are available for employee wages and related taxes.

Advance Ticket Sales

Revenue generated from the sale of tickets before the event or service is actually provided.

Unearned Revenue

Money received by a company for goods or services yet to be delivered or performed.

Long-Term Liabilities

Financial obligations of a business that are due for repayment in more than one year, such as bonds payable or long-term loans.