In the Case of an Undisclosed Principal, a Third Party

question 298

True/False

In the case of an undisclosed principal, a third party is unaware of the identity of the principal as well as the existence of an agency relationship.

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Definitions:

Widgets

are generic terms often used to describe any product or manufactured good in business discussions or economic examples.

Retailers

Businesses that sell goods or commodities directly to consumers.

Perfected

In legal and financial contexts, describes a security interest or claim that has been legally established and recorded, making it enforceable against third parties.

Secured Party

A lender or creditor that has a claim on assets (collateral) of the borrower if the loan is not repaid according to agreed terms.