Which of the Following Statements Is True About an Agency

question 92

Multiple Choice

Which of the following statements is true about an agency by ratification?

• A) A principal must have full knowledge of an agent's actions for the agency to be effective.
• B) It occurs when a third person is led to believe by a principal that a certain individual is the principal's agent.
• C) It occurs when a principal draws up a legal document to establish an agency relationship before an agent undertakes any action.
• D) A third party must be unaware of the existence of a principal at the time of an agent's act for the agency to be effective.

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Definitions:

UCC Article 3

It governs negotiable instruments, including checks and notes, within the Uniform Commercial Code.

Checks

Financial instruments that instruct a bank to pay a specific amount of money from the writer's account to the person or entity in whose name the check has been issued.

Drawer

The party that writes an order, or the person who writes a check.

Payee

The party that receives the benefit of an order (check, etc.).