When a Third Person Makes Payment to an Authorized Agent

question 50

True/False

When a third person makes payment to an authorized agent, such payment is deemed made to the principal at the time the agent remits the payment to the principal.

---

Definitions:

Inferiority

A feeling of being lower in status or quality than others which may affect an individual's self-esteem or self-worth.

Concrete Operational Stage

A stage in Piaget's theory of cognitive development, typically occurring between the ages of 7 and 11, where children develop logical thinking but still struggle with abstract concepts.

Cognitive Development

The process of growth and change in intellectual capabilities such as thinking, reasoning, and understanding, through childhood and adolescence into adulthood.

Identity Status

Refers to the four stages of identity development proposed by James Marcia, including achievement, moratorium, foreclosure, and diffusion.