In Which of the Following Cases Would an Agent Be

question 22

Multiple Choice

In which of the following cases would an agent be personally liable to the other party in a contract?

• A) The agent is acting on behalf of an undisclosed principal.
• B) The agent makes a contract on the principal's behalf.
• C) The agent lacks the principal's authority or exceeds it.
• D) Other agents of the principal committed torts.
• E) The agent is directed by the principal to commit a tort.

Understand the lessor's accounting treatments and recognition of profit for different types of leases.

Grasp the intended changes and developments in lease accounting standards.

Understand the distinction between capital and operating leases from both the lessee’s and lessor’s perspectives.

Know how minimum lease payments are constituted and the inclusion of residual value guarantees.

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Definitions:

Older Siblings

The child or children in a family who were born before other siblings, often taking on leadership roles and influencing the younger siblings' behavior and development.

Prefrontal Cortex

The part of the brain located at the front of the frontal lobe, important in decision making, cognitive control, social behavior, and emotional regulation.

Limbic System

A complex system in the brain involved in emotions, memories, and arousal (or stimulation).

Hypothalamus

A region of the brain that plays a crucial role in many essential functions, including hormone release, regulation of body temperature, and maintaining daily physiological cycles.