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Which of the following is true of agency relationships?

  • Agency relationships require an exchange of consideration to be formed.
  • Legally binding agency relationships may be formed between a principal who is a minor and an agent, if the agent is a fully capable adult.
  • Agency relationships are created between a principal and an agent, who represents the principal to a third party.
  • Agency relationships are created between a principal and an employee, who represents the principal to an agent.

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