An Agent Has a Duty to Notify the Principal of Information

question 59

True/False

An agent has a duty to notify the principal of information he or she learns from a third party if that information is important to the principal.

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Definitions:

Government Duties

Financial charges imposed by the government on goods, services, or activities, primarily focused on imports and exports.

Marginal Rates

Rates that apply to the next dollar of taxable income; often used in the context of income tax, where different income levels are taxed at different rates.

Taxable Income

The portion of an individual's or corporation's income that is subject to taxes by government authorities.

Federal Income Tax

A tax levied by the U.S. federal government on the annual earnings of individuals, corporations, trusts, and other legal entities.