Authority by Necessity Exists If

question 41

Multiple Choice

Authority by necessity exists if:

• A)Something has to be done in an emergency situation on behalf of a principal that is within the scope of an agent's implied authority.
• B)The agent lacks actual authority but needs to do something to protect the property of the principal.
• C)There is no good faith on the part of the agent.
• D)The agent is compelled to act on behalf of the principal in order to protect the interests or property of the agent.

---

Definitions:

Alternative Exchange Rates

Exchange rates that apply in parallel exchange rate systems, where official and market-based rates exist concurrently for currency conversion.

Translate

In financial contexts, it often involves converting financial statements from one currency to another.

Foreign Currency

Currency used in international trade and investment, which is different from the domestic currency of the country of operation.

Presentation Currency

The currency in which a company's financial statements are presented, typically the national currency of the country where the company operates.