Questions from Business Law

Q: Describe the principal–agent relationship.

Describe the principal–agent relationship.

Q: Classify the two major kinds of agents.

Classify the two major kinds of agents.

Q: Discuss the four ways in which an agency may be created.

Discuss the four ways in which an agency may be created.

Q: Jackson, a widow who was desperate for money, sold land

Jackson, a widow who was desperate for money, sold land to her brother, Seymour, for $275. Later Seymour found valuable timber on the land and sold some of it for $2,353. When Jackson realized that th...

Q: Explain how an agency may be terminated.

Explain how an agency may be terminated.

Q: Differentiate between the principal–agent and employer–employee relationship.

Differentiate between the principal–agent and employer–employee relationship.

Q: Identify the business organizational forms available in the United States whose purpose

Identify the business organizational forms available in the United States whose purpose is to earn a profit.

Q: Describe limited liability companies.

Describe limited liability companies.

Q: Identify organizational forms that are not business entities.

Identify organizational forms that are not business entities.

Q: Explain the conditions under which individuals and businesses become insolvent and default

Explain the conditions under which individuals and businesses become insolvent and default on their loans.