In: Accounting
National Insurance Company and Owen put their agency agreement into a written document that describes the rights and duties of both parties. Owen, as the agent, has
A. |
apparent authority. |
|
B. |
express authority. |
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C. |
implied authority. |
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D. |
equal authority. |
Fred is legally incompetent. Fred can be
A. |
none of the other answers. |
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B. |
an agent only. |
|
C. |
an agent or a principal. |
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D. |
a principal only. |
Answer - B Express Authority.
There is a contract between two companies and Owen is an agent that means Owen is expressly told by other company what to do and it will result in Express Authority.
Answer - B An Agent only.
As he is not legally Incompetent so he can't be principal so he must be Agent only.