If You Think Good Wine Is a Luxury, Then Your

question 31

Multiple Choice

If you think good wine is a luxury, then your demand for wine will be:

• A) elastic
• B) inelastic
• C) unit elastic
• D) strong

Identify the tort liabilities arising from an agent’s actions and the principal's responsibilities in such cases.

Understand the concept of authority in agency relationships, including apparent, express, and implied authority.

Recognize the various duties an agent owes to a principal, including loyalty, obedience, and care.

Analyze the legal consequences of breaching fiduciary duties within an agency relationship.

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Definitions:

Void Contract

An agreement that is not legally binding because an essential element is missing.

Oral Agreement

An agreement made verbally without written documentation, enforceable only under specific circumstances and often harder to prove.

Infant

In legal terms, refers to a person who is under the age of majority, and thus limited in their legal capacity to contract or make decisions.

Defame

To damage someone's reputation, name, or character through false and malicious statements.