Examlex
End item A is made by assembling 2 parts of B and 4 parts of C. Part C is made from 3 parts of D and 2 parts of E. Gross requirements for end item A are 100 units. What is the net requirement for part C?
Principal
The main party to a transaction or contract who has authorized an agent to act on their behalf.
Apparent Agency
A legal concept where a person appears to be, or is mistakenly believed to be, authorized to act as an agent for another party.
Agency by Estoppel
A principle by which a person or entity is prevented from denying the authority of another who has been allowed to act as their agent, despite not officially having been granted the role.
Equitable Agency
A principle where an agent has the authority to act on behalf of a principal, based on fairness and justice.
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