Choose the Word or Phrase in [ ] Which Will

question 127

Multiple Choice

Choose the word or phrase in [ ] which will correctly complete the statement. Select
-Banks [may | must] state interest rates they pay as Annual Percentage Yields.

• A)for the first item
• B)for the second item
• C)if neither item will correctly complete the statement.

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Definitions:

Undisclosed Principal

A person whose existence is unknown to the third party in a contract made by an agent on their behalf.

Apparent Authority

The power that a third party perceives an agent has over the principal, based on the principal's behavior.

Actual Authority

Actual authority refers to the express and implied powers that an agent has been intentionally granted by the principal in an agency relationship.

Subagent

A person authorized by an agent to perform tasks or duties on behalf of the agent's principal.