In the Absence of Evidence of an Employment Relationship, an Agent's

question 29

Multiple Choice

In the absence of evidence of an employment relationship, an agent's authority is terminated on any of the following occasions EXCEPT

• A) at the completion of the particular project for which the agency was formed.
• B) upon the bankruptcy of the agent.
• C) upon the death or insanity of either the principal or the agent.
• D) upon notice by either the principal or the agent that she wishes to end the agency.
• E) at the end of the time specified in the agency agreement.

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Definitions:

Surplus

An excess of income or assets over expenditure or liabilities in a given period, typically referring to profit or a budgetary surplus.

Shortage

A market condition in which the demand for a product exceeds its supply at a particular price.

Market Price

The actual selling price of a good or service in the marketplace, determined by the forces of supply and demand.

Surplus

A situation in which the quantity of a good or service exceeds the quantity demanded at the current price.