Which of the Following States That If an Agent Is

question 16

Multiple Choice

Which of the following states that if an agent is empowered to enter into a contract that must be in writing,then the appointment of the agent must also be written?

• A)duty to obey instructions
• B)balanced contract rule
• C)fiduciary duty
• D)equal dignities rule

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Definitions:

Lease Term

The period during which a lessee has the right to use an asset, as stipulated in a lease agreement.

Economic Life

The estimated period over which an asset is expected to be economically useful to one or more users.

Present Value

Present Value is the current worth of a future sum of money or stream of cash flows given a specified rate of return, reflecting the time value of money.

Capital Lease

A lease agreement that is treated like an asset purchase for accounting purposes, where the lessee obtains the benefits and risks of ownership.