Which of the Following Is True of a Fully Disclosed

question 47

Multiple Choice

Which of the following is true of a fully disclosed agency?

• A) The third party does not know the identity of the principal.
• B) The third party knows the name of the principal, but all transactions are done with the agent.
• C) The contract is between the principal, agent, and the third party.
• D) The principal is liable on the contract with a third party.

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Definitions:

Personal Property

Movable items owned by an individual or corporation, as opposed to real property like land or buildings.

Nonconforming Goods

Products delivered under a sale contract that do not meet the specifications or quality standards stipulated.

Rightfully Revokes Acceptance

Pertains to a scenario where a purchaser legally cancels their acceptance of goods if the goods fail to conform to the contract in a substantial way.

Tender

Tender refers to the offer of payment by one party to another, or the offer to perform a contract obligation, in a manner that meets the terms of the contract.