Explain for Each of the Following Statements, Whether the Agent

question 24

Essay

Explain for each of the following statements, whether the agent has liability to the third party?
a. The agent enters into a contract on behalf of its principal with a third party. Unknown to the agent its principal had died two months previously.
b. The agent acts on behalf of an undisclosed principal. The agent acting on behalf of the principal enters into a contract with the third party. The contract is made in the agent's name and the circumstances surrounding the contract show the agent categorically described himself as a principal throughout the negotiations.
c. The agent enters into a contract with the third party but neither represents himself as a principal or an agent.
d. The agent enters into a contact with the third party. Prior to entering the contract the agent advised the third party that he was acting on behalf of a principal who did not wish to disclose its name at the present time.

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Definitions:

Mid 1950s

Refers to the period from 1954 to 1956, a time characterized by post-WWII recovery, significant cultural shifts, and the early stages of the Cold War.

Stabilization Policy

Government policies aimed at stabilizing the economy by reducing fluctuations in production, employment, and prices.

Expected Effects

The anticipated outcomes or results that are predicted to occur as a consequence of a particular action or set of conditions.

M

In the context of economics, M often refers to money supply, which includes various types of money in circulation like cash and bank deposits.