If an Agent Does Not Disclose That They Are an Agent

question 87

True/False

If an agent does not disclose that they are an agent to a third party, the agent can be personally liable for the contract.

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Definitions:

Customers Account

Refers to the individual accounts or ledgers maintained by a business to record transactions related to sales, returns, payments, and balances owing for each customer.

Cash Receipts Journal

A financial journal that tracks all cash inflows or money received by a business, including sales, loans, and investments.

Cash Investment

Financial assets that are highly liquid and can be quickly converted into cash, or the act of placing money into financial schemes, shares, property, or a commercial venture with the expectation of achieving a profit.

Owner Recorded

The registration of assets, liabilities, or transactions by the owner in the financial records of a business.