Explain How the Principle of Estoppel Can Be Important in an Agency

question 61

Essay

Explain how the principle of estoppel can be important in an agency relationship.

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Definitions:

Cost Controllability

The ability of a manager or business to influence or manage the costs associated with business operations.

Cost Incurrence

The moment when a company or individual recognizes a financial obligation or expense through the receipt of goods or services.

Responsibility Level

An organizational unit or position that has a specific set of duties and responsibilities for which they are accountable.

Indirect Costs

Expenses not directly associated with the production of goods or services, such as administration and rental costs.