Logistical Function Activities Include ________ Products and Services

question 9

Multiple Choice

Logistical function activities include ________ products and services.

• A) buying and selling
• B) assorting, storing, sorting, and transporting
• C) financing and grading
• D) risk-taking
• E) marketing information and research

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Definitions:

Ratification Agency

The process by which a principal approves and accepts the acts of their agent that were done without proper authority or beyond the scope of their authority.

Implied Authority

Power not explicitly granted to an agent but necessary to carry out the agent's duties effectively.

Expressed Agency

A legal relationship where an agent is explicitly granted the authority by the principal to act on their behalf.

Apparent Agency

The legal doctrine that allows a third party to hold a principal liable for the acts of an agent, where the principal has given the appearance of agency.