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:

Implicit Cost

Costs that represent the loss of potential income from using resources for one purpose instead of their next best alternative use.

Capital

Financial assets or physical goods that have value and are used in the production of other goods and services, such as machinery, buildings, or money.

Capital

Resources such as machinery, buildings, and equipment used in the production of goods and services.

Dormitories

Residential facilities provided by educational institutions for students to live in.