A Contract Must Exist Between the Agent and the Third

question 24

True/False

A contract must exist between the agent and the third party as well as the agent and the principal for agency law to apply.

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Definitions:

Market Opportunity

A favorable condition in the market that a business can exploit to grow its sales and increase profitability.

Proactive Change

Initiating changes or actions in anticipation of future problems or opportunities, rather than reacting to events after they happen.

Managing Change

The process of steering or directing an organization through a transition, such as a restructuring, technology implementation, or shift in culture or strategy.

Open-Source

Pertaining to software whose source code is made freely available to the public for use, modification, and distribution.