Under the General Rule of the Third Restatement, Death of a Principal

question 75

True/False

Under the general rule of the Third Restatement, death of a principal terminates all authority of an agent, including apparent authority, even though no notice is given to third parties.

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Definitions:

Fair Value

Fair value is the price that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Asset Write-Downs

An accounting process involving the reduction in the book value of an asset when its market value falls below its current book value.

Net Income

The ultimate earnings of a company, arrived at by taking away all expenses, taxes, and costs from the total income.