Questions: In an irrevocable agency contract, the agent has a(n) in the subject matter of the agency, in addition to the remuneration received for services. revocation termination consideration interest

In an irrevocable agency contract, the agent has a(n) in the subject matter of the agency, in addition to the remuneration received for services. revocation termination consideration interest
Transcript text: In an irrevocable agency contract, the agent has a(n) $\qquad$ in the subject matter of the agency, in addition to the remuneration received for services. revocation termination consideration interest
failed

Solution

failed
failed

The answer is interest: in the subject matter of the agency, in addition to the remuneration received for services.

Explanation for each option:

  • Revocation: This is incorrect. Revocation refers to the act of withdrawing or canceling the authority given to an agent. In an irrevocable agency, the principal cannot revoke the agent's authority, so this does not fit the context of the question.

  • Termination: This is incorrect. Termination refers to the ending of the agency relationship, which can occur for various reasons, such as completion of the agency's purpose or mutual agreement. It does not relate to the agent's stake in the subject matter.

  • Consideration: This is incorrect. Consideration is a legal term referring to something of value exchanged between parties in a contract. While it is a component of contract formation, it does not specifically address the agent's interest in the subject matter.

  • Interest: This is correct. In an irrevocable agency contract, the agent has an interest in the subject matter of the agency. This means the agent has a stake or ownership interest in the subject matter, which justifies the irrevocability of the agency. This interest is in addition to any remuneration the agent receives for their services.

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
In Canada in 2014, the currency drain ratio was 11 percent of deposits and the reserve ratio was 0.03 percent of deposits. Calculate the Canadian money multiplier. The Canadian money multiplier was
failedAnswered
Select the last stage of the desktop publishing cycle.
failedAnswered
A radar gun was used to record the speed of a runner during the first 5 seconds of a race (see table). Use Simpson's rule to estimate the distance the runner covered during those 5 seconds. t(s) 0 0.5 1 1.5 2 2.5 3 3.5 4 4.5 5 v(ft / s) 0 3.05 3.25 7.1 7.7 9.25 9.55 10.35 10.7 10.85 10.85
failedAnswered
Find the value of the permutation. 3 P2 3 P2 = (Type a whole number.)
failedAnswered
The major function of carbohydrates is to provide much of the energy that cells require.