When Is an Agency Relationship Irrevocable

question 56

Multiple Choice

When is an agency relationship irrevocable?

• A) It is never irrevocable.
• B) When the agency is coupled with an interest of the agent in the subject matter.
• C) When the principal violates his duties to the agent.
• D) When the agent is a fiduciary.

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Definitions:

Pareto Optimal

A state of allocation of resources from which it is impossible to reallocate to make any one individual better off without making at least one individual worse off.

Competitive Equilibrium

A state in markets where supply equals demand, and no participant has an incentive to change their behavior.

Strawberries

A sweet, red, heart-shaped fruit that is widely appreciated for its characteristic aroma, bright red color, juicy texture, and sweetness.

Champagne

A sparkling wine produced from grapes grown in the Champagne region of France, known for its production method and prestigious reputation.