Luis Hires Mieko to Act as His Agent to Purchase

question 49

Multiple Choice

Luis hires Mieko to act as his agent to purchase Ngoc's Southeast Asian Café. Luis tells Mieko to reveal only that she is buying the restaurant on behalf of a third party, without telling Ngoc's seller who that third party is. Luis is

• A) a disclosed principal.
• B) not a principal.
• C) an undisclosed principal.
• D) a partially disclosed principal.

Identify the significance and application of promissory estoppel.

Examine the requirements for consensus and mutual understanding in contracts.

Discuss the validity and legal considerations of online transactions.

Understand the implications of agreements and disputes in contract law.

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Definitions:

Journal Entry

A record in an accounting journal that captures the financial transactions of a business, showing debits and credits for each transaction.

Petty Cash Account

A modest sum of money maintained readily available for small, urgent costs.

Mail and Postage

The service and cost associated with sending documents and parcels through a postal system.

Missing Funds

Refers to money or assets that are unaccounted for due to error, theft, or fraud.