BUSI 301 Liberty University -BUSI 301 Test #3 well answered

BUSI 301 Liberty University -BUSI 301 Test #3 well answeredPrinciple - correct answer An agent's master; the person from whom an agent has received instruction and authorization and to whose benefit the agent is expected to perform and make decisions pursuant to an agency relationship. Agent - correct answer One who agrees to act and is authorized to act on behalf of another, ap rincipal, to legally bind the principal in particular business transactions with third parties pursuant to an agency relationship. actions liability - correct answer One of the most important aspects of agency law involves understandin the ways in which ______ of an agent result in a _________ for the principal bind agreement - correct answer Creation of an agenxy relationship typically invloves the agent's power to ________ the principal to third parties in an ______ of some type. actual - correct answer Typically, an agent's power to bind is through _______ authority. apparent - correct answer A agent may aslo gain power to bind the principal from the appearance of legitamate authority to a third party known as ________ authority. ratification - correct answer an agent can also have retroactive (after the fact) power to bind through ________. Agency - correct answer _____ is a legal relationship in which the parties agree, in some form, that one party will act as an agent for another party. Principals - correct answer _________ are owners of a business entity gratuitous - correct answer ________ agents are generallly, anyone who acts on behalf of a principal without receiving any compensation.