Larry Is an Agent for Mary

question 56

Multiple Choice

Larry is an agent for Mary. She gives him clear instructions to enter into contracts on her behalf only on Mondays, Wednesdays, or Fridays. He enters into a contract on her behalf on Tuesday. Larry has breached

• A) no duty.
• B) the duty of loyalty.
• C) the duty of performance.
• D) the duty of obedience.

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Definitions:

Sales Budget

A financial plan that estimates the expected revenue from sales over a specific period, guiding business strategies and operations.

Sales Forecasts

Predictions about the future sales performance of a company or product, based on market analysis and historical sales data, used for planning purposes.

Budget Manual

A budget manual is an organized, documented set of procedures and guidelines that an organization uses to prepare its budgets, aiming to standardize the budgeting process.

Strategic Plans

Long-term goals and objectives of an organization, along with the action plan to achieve them, focusing on overall direction and long-term growth.