Which of the Following Is a Party Who Has Authority

question 40

Multiple Choice

Which of the following is a party who has authority to act on behalf of and bind another party?

• A) An agent
• B) A principal
• C) A warrantor
• D) A transferor
• E) A real endorser

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Definitions:

Negotiation

Negotiation is a dialogue between two or more parties aimed at reaching a mutually beneficial outcome or resolving a disagreement.

Valid Contract

A legally binding agreement between parties that meets all requisite legal elements, such as offer, acceptance, consideration, and mutual consent.

Counteroffer

A reply to an offer in which the original conditions are modified, effectively rejecting the initial offer and presenting a new one for consideration.

Offer Termination

the revocation, rejection, or expiration of a proposal before it is accepted, which effectively ends the offer and prevents it from becoming a binding contract.