Fundamentally, an Agency Transaction Involves Creation of Agency, Performance of Obligations

question 24

Multiple Choice

Fundamentally, an agency transaction involves creation of agency, performance of obligations and duties, and:

• A) express agreement.
• B) entering of a contract.
• C) termination of agency.
• D) transaction of business.

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Definitions:

Sued and to Sue

Refers to the legal capacity of an individual or entity to bring a lawsuit or to be subject to a lawsuit in a court of law.

Defective Incorporation

A situation where errors or omissions occur during the incorporation process of a company, potentially affecting its legal status or liability.

Involuntary Dissolution

The legal termination of a corporation's existence without the consent of the corporation, often initiated by a government authority.

Personally Liable

A situation where an individual is responsible for a debt or obligation from their own assets, rather than the liability being limited to business or corporate assets.