Questions from Business Law


Q: Describe the principal–agent relationship.

Describe the principal–agent relationship.

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Q: Classify the two major kinds of agents.

Classify the two major kinds of agents.

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

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

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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...

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Q: Explain how an agency may be terminated.

Explain how an agency may be terminated.

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

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

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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.

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Q: Describe limited liability companies.

Describe limited liability companies.

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Q: Identify organizational forms that are not business entities.

Identify organizational forms that are not business entities.

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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.

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