Please Define the Following Key Terms

question 60

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
-Treaty of Westphalia

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Definitions:

Agency Relationship

A legal relationship in which one party, the agent, is authorized to act on behalf of another, the principal, in business transactions.

Gratuitous Agent

An individual who acts on behalf of another without receiving any compensation or benefit for their services.

Making a Contract

The process of creating a legally binding agreement between parties, involving offer, acceptance, and consideration.

Family Business

A commercial organization in which decision-making is influenced by multiple generations of a family related by blood or marriage.