Which of the Following Denotes the Duties Required of an Agent

question 51

Multiple Choice

Which of the following denotes the duties required of an agent?

• A) reimburse the principal for out-of-pocket expenses
• B) payment to the principal for services rendered
• C) abide by the terms of the agency agreement
• D) indemnify the principal for agency business losses

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Definitions:

Invitation to Submit Bids

A formal solicitation process where potential suppliers are asked to present proposals for providing goods or services at a specified price.

Rejection of Offer

The refusal to accept a proposal or offer during negotiations.

Actually Received

Pertains to the actual physical possession or direct receipt of an item or information.

Disinterested Parties

Individuals or groups with no personal stake or financial interest in the outcome of a transaction or legal proceeding.