A Medium of Exchange Is

question 258

Multiple Choice

A medium of exchange is

• A) an object that sellers will accept as payment.
• B) a measure by which prices are expressed.
• C) an asset that is used to settle future debts.
• D) the thing traded when barter takes place.

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Definitions:

Authority

In agency law, an agent’s ability to affect his principal’s legal relations with third parties. Also used to refer to an actor’s legal power or ability to do something. In addition, sometimes used to refer to a statute, case, or other legal source that justifies a particular result.

Agency Relationship

A legal relationship in which one party, the agent, is authorized to act on behalf of another, the principal, in business transactions.

Gratuitous Agent

An individual who acts on behalf of another without receiving any compensation or benefit for their services.

Making a Contract

The process of creating a legally binding agreement between parties, involving offer, acceptance, and consideration.