If an Agent Receives a Gift from a Third Person

question 14

True/False

If an agent receives a gift from a third person with whom he is dealing on behalf of the principal,he can keep it without notifying the principal.

Learn the basics of OSHA requirements and employer obligations related to workplace safety and health.

Understand the regulatory framework controlling business operations, including zoning, health insurance requirements, and workplace safety.

Recognize the essentials and enforceability of contracts, including the necessity for written contracts in specific cases.

Identify the legal aspects and processes involved in bankruptcy, including the duration it remains on credit reports and differences between Chapters 7, 11, 12, and 13.

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Definitions:

Goodwill

An intangible asset that arises when a buyer acquires an existing business, representing the premium paid over the fair market value of the net identifiable assets of the business.

Borrowing Costs

Borrowing Costs are the interest and other costs that an entity incurs in connection with the borrowing of funds.

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a standard framework of guidelines for financial accounting.

IFRS

A collection of worldwide accounting standards created by the International Accounting Standards Board, known as International Financial Reporting Standards.