An Disclosed Principal Is Liable to a Third Party for Contracts

question 71

True/False

An disclosed principal is liable to a third party for contracts made by the agent acting outside the scope of his or her authority.

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Definitions:

Value

The importance, worth, or usefulness of something, often in terms of monetary worth.

Price

The amount of money required to purchase a good or service.

Price Lining

Grouping product prices into ranges, such as low-, medium-, and high-priced items.

Pricing Tactic

Strategic approaches used to set prices for products or services to achieve business objectives.