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Mary Is an Agent for ABC Photography,owned by Phil

question 37

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Mary is an agent for ABC Photography,owned by Phil.Without disclosing her agency status,Mary agrees by contract to take Polly's wedding photographs.When Phil finds out,he explains the agency relationship he has with Mary to Polly and says that he wants to take the photographs because a lady he wants to ask out on a date is expected to be at the wedding.When Polly finds out,she says "No way - I choose Mary." Which of the following is true regarding the rights of the parties?

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Definitions:

Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy, often measured by consumer price indices.

Net Increase

The amount by which something grows or goes up, calculated by taking total gains and subtracting any losses.

Inventories

The stock of goods or materials that a company holds for the ultimate goal of resale or production.

Investment

The purchase of new plants, new equipment, new buildings, and new residences, plus net additions to inventories.

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