Without Ted's Knowledge, Phil, Who Frequently Purchased Lumber on Ted's

question 35

True/False

Without Ted's knowledge, Phil, who frequently purchased lumber on Ted's behalf, purchased a large quantity of plywood from Chris as agent for Ted. Phil later advised Ted of the purchase. As an agent, Phil must make certain that his principal is in existence at the time the contract is negotiated, otherwise, he would be liable for breach of warranty of authority.

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Definitions:

Insider Trading

Illegal trading of a public company's stock or other securities by individuals with access to non-public information about the company.

Socialization

Is the process by which people learn to function in social life and become aware of themselves as they interact with others.

Career Criminal

An individual who commits crime as a means of livelihood, often engaging in criminal activities over an extended period.

Early Death

The occurrence of an individual's demise at a younger age than the statistical average life expectancy.