Which Statement Is a False Statement? Agency Agreements

question 49

Multiple Choice

Which statement is a false statement? Agency agreements

• A)are agreements of utmost good faith on the part of the agent.
• B)which are by express agreement need not be in writing to be valid.
• C)include,by definition,Powers of Attorney.
• D)entitle a third party to expect that notice to the agent constitutes notice to the principal.
• E)None of the responses are correct.

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Definitions:

Marginal Revenue

Revenue gained by selling an additional unit, illustrating the increase in total revenue due to one more unit of output sold.

Innovation

The process of creating new products, services, or methods that improve efficiency or effectiveness.

Economic Profit

The difference between total revenue and total costs, including both explicit and implicit costs, indicating the overall profitability of a business venture.

Profit-Maximizing

A strategy or goal of a firm to achieve the highest possible profit from its operations.