Jan Hires Duncan to Act as Her Agent in Acquiring

question 42

Multiple Choice

Jan hires Duncan to act as her agent in acquiring some property for the development of a new subdivision she is planning that will be an elegant planned community.Jan instructs Duncan that he is not to say he is working for her or,for that matter,that he is working for anyone.If Duncan enters into a contract for land for Jan that is the parcel she wanted:

• A)Duncan only is liable on the contract for the purchase of the land.
• B)Jan can never be held liable for the land because Duncan acted in his name.
• C)both Jan and Duncan are liable on the contract for the purchase of land.
• D)it is fraud to conceal the identity of a party to a contract.
• E)none of the above

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Definitions:

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price.

Price Elasticity

An indicator of the sensitivity in the quantity of a good demanded when its price fluctuates.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price in a given period.

Price Change

A variation in the cost of goods or services over time, either increasing or decreasing based on market conditions.