A Principal Is Not Bound by Statements Made by an Agent

question 5

True/False

A principal is not bound by statements made by an agent during the transaction of business that is within the scope of the agent's authority.

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Definitions:

Benefits Administration

The management and administration of employee benefits programs, such as health insurance, retirement plans, and leave policies.

Payroll

The process of managing the payment of wages by a company to its employees, including the tracking of hours worked, calculation of pay, and distribution of funds.

Management

This involves coordinating and overseeing the work of others to ensure that organizational goals are met efficiently and effectively.

Alliances

Agreements between two or more parties, typically countries or organizations, to work together towards common goals or interests.