When Parties Form an Agency Relationship by Making a Written

question 51

Multiple Choice

When parties form an agency relationship by making a written or oral agreement,the agency is known as a[n] ____.

• A) Expressed agency
• B) Implied agency
• C) Apparent agency
• D) Ratification
• E) Endorsement

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Definitions:

Operating Facilities

Operating facilities are physical locations where business and industrial processes or activities are conducted.

Inventory

The quantity of goods or materials in stock, either raw materials, work-in-progress, or finished goods, held by a business.

Competitive Strategy

The plan and actions taken by a company to attract customers and defend against competitors.

Product Cost

The total expense incurred in manufacturing or acquiring a product, including materials, labor, and overhead.