Which of the Following Is True of Revocation and Renunciation

question 61

Multiple Choice

Which of the following is true of revocation and renunciation?

• A)Revocation is conducted by the agent and renunciation by the principal.
• B)Both result in the termination of agency.
• C)A party cannot revoke or renounce if doing so violates the agency agreement.
• D)No,because there is no contract in writing.

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Definitions:

Cash Over

Refers to a situation where the actual cash amount received is greater than the expected or recorded amount.

Cash Sales

Transactions in which goods or services are exchanged for cash payment at the time of the sale.

Electronic Funds Transfers

The digital transfer of money from one bank account to another either within the same financial institution or across different banks, via computer-based systems.

Principal Advantages

Key benefits or main positives associated with a method, strategy, or system.