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:

Authorization Device

A device or a software mechanism that is used to grant permission to access or do something within a system or network.

Credit Card Payment

A transaction method using a credit card to transfer money from the cardholder's account to a merchant's account in exchange for goods or services.

Medical Practice

Pertains to the work and research performed by professionals in the field of medicine to diagnose, treat, and prevent illness or injury.

Open-Book Accounts

Financial accounts or transactions where information is made openly available for examination and review, promoting transparency.