In a Partially Disclosed Principal Relationship, Who Is Liable to the Third

question 93

Multiple Choice

In a partially disclosed principal relationship, who is liable to the third party on a contract within the agent's authority?

• A)Principal
• B)Agent
• C)Both a and b
• D)None of the above

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Definitions:

Substitution Effect

The change in consumption patterns due to a change in the relative prices of goods or services.

Income Effect

How an alteration in the income of an individual or an economy influences the demand for a specific good or service.

Legal Hourly Minimum Wage

The lowest hourly pay that employers are legally allowed to pay their workers, as mandated by government law.

Secondary Labor Market

Employment sectors characterized by low pay, low job security, and poor working conditions, often distinguished from primary sectors which offer better employment conditions.