Chapter18_Answers - Chapter 18 Assessment Answers Matching...

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Chapter 18 Assessment Answers Matching Key Terms 1. a 4. m 7. d 10. e 13. i 2. n 5. g 8. f 11. c 14. k 3. l 6. j 9. h 12. b True/False Quiz 15. T 18. T 21. T 24. F 16. F 19. T 22. F 17. T 20. T 23. T Discussion Questions 25. An agent is one who represents a principal in dealing with third parties. 26. A general agent is a person authorized to assume complete charge of his or her principal’s business or who is entrusted with general authority to act for the principal in all business-related matters. A special agent is a person delegated to act only in a particular transaction, under definite instructions, and with specific limits on the scope of his or her authority. An agency may be created by agreement, ratification, necessity, or operation of law. 27. A third party dealing with an agent of a disclosed principal knows the identity of that principal. A third party dealing with an agent of a partially disclosed principal does not know the identity of the principal. A third party dealing with an agent of an undisclosed principal is unaware that the agent is acting for someone else. 28.
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This note was uploaded on 04/23/2010 for the course FINA 8645 taught by Professor Smith during the Spring '10 term at Rensselaer Polytechnic Institute.

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Chapter18_Answers - Chapter 18 Assessment Answers Matching...

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