Agents and Brokers

question 40

Multiple Choice

Agents and brokers:

• A) Do not take title to goods.
• B) Are not considered members of the commercial channel.
• C) Represent 1 or 2 manufacturers.
• D) Work on a 'cash and carry' basis.
• E) Physically hold the manufacturer's inventory.

---

Definitions:

Express Contract

An agreement with clear, explicit terms that are communicated verbally or in writing between parties.

Implied Contract

A contract that arises not from words of agreement but from the conduct of the parties.

Executory Contract

An executory contract is a contract that has not yet been fully performed or completed by one or more parties.

Agreed Upon

A condition or decision reached by two or more parties after a negotiation or discussion.