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If a Business Has Represented Someone to Be Its Agent

question 12

Essay

If a business has represented someone to be its agent, either by words suggestive of that relationship or by acquiescing in similar contracts made for it by that person in the past, it will not be permitted to deny the existence of an agency. What phrase is used to describe this representation or conduct on behalf of the business?


Definitions:

Estimate

An approximation or educated guess regarding the value, quantity, or extent of something, often used for budgeting and planning processes.

High-Low Method

A way to estimate the fixed and variable components of a cost by analyzing the highest and lowest activity levels and their associated costs.

Fixed Cost

Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and loan payments.

Machine Hours

A measure of the amount of time a machine is operated, used in cost accounting to allocate costs to products.

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