Under the Third Restatement, an Agent Representing an Undisclosed Principal

question 35

Multiple Choice

Under the Third Restatement, an agent representing an undisclosed principal is discharged from liability if the third party:

• A) gets a satisfied judgment against the principal.
• B) becomes aware of the principal.
• C) gets a judgment against the agent.
• D) He is never discharged from liability.

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Definitions:

Income Statement

A financial statement that reports a company's financial performance over a specific accounting period, detailing revenue, expenses, and net income.

Retrospective Approach

An accounting method that applies new accounting policies to transactions, other events, and conditions as if the new policy had always been in place.

Accounting Principle

Fundamental guidelines or rules that form the basis for financial accounting and reporting practices.

Financial Statements

Financial Statements are formal records of the financial activities and positions of a business, person, or entity, including balance sheet, income statement, and cash flow statement.