A Principal Can Be Held Responsible for an Agent Whose

question 12

Multiple Choice

A principal can be held responsible for an agent whose authority has previously been terminated if the principal does not make the termination known to the parties who previously did business with the agent. This is known as _____ authority.

• A) express
• B) implied
• C) lingering
• D) master-servant
• E) inter vivos

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Definitions:

Brand Names

Brand names are distinctive names given to products or services by companies to identify and differentiate them from competitors.

Optimal Efficiency

A condition where resources are allocated in the most efficient manner, maximizing output without wasting resources.

Operating

Pertains to the day-to-day running or functioning of businesses, systems, or machines.

Output

The quantity of goods or services produced in a given period by a firm, industry, or country.