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The Restatement of Contracts Defines an Agent as a Person

question 62

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The Restatement of Contracts defines an agent as a person who contracts with another to do something for him but who is not controlled by the other nor subject to the other's right to control with respect to his physical conduct in the performance of the undertaking.


Definitions:

Salvage Value

An asset's anticipated value at the end of its operational life, as estimated.

Straight Line Method

A method of calculating depreciation by evenly spreading the cost of an asset over its useful life.

Average Accounting Rate of Return

A method to estimate the profitability of investments, calculated by dividing the average annual profit by the initial investment cost.

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