Agent enters into a contract with Third Party on behalf of Principal. Agent told Third Party that
this contract was being entered into on behalf of someone else, but did not identify Principal to
Third Party.
A couple of weeks later, Principal disappears and Third Party wants to hold Agent
to the contract. Third Party can:
A) Recover from Agent because Agent had a duty to ensure that Principal performed on the
contract.
B) Recover from Agent because Agent acted on behalf of an undisclosed principal.
C) Not recover from Agent because Agent had disclosed the existence of Principal.
D) Not recover from Agent because Third Party must first try to recover from Principal.
E) Recover from Agent because Agent did not disclose the identity of Principal.
E
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Which of the following is a reason for ESOPs' popularity?
A. Earnings of the trust holdings are exempt from income taxes. B. ESOPs provide very high risk-free retirement income. C. Employees can use ESOPs to buy their company during financial crises. D. ESOPs require companies to invest 51 percent in the company's own stocks. E. The employees are provided with many more stocks than they actually own.
The IRS considers Sylvia to be a highly compensated employee for Beautiful Pictures, Inc., which means that she met which one of the following criteria (assume that the previous year was 2015)?
A) either a current annual salary of more than $170,000; and, in the previous year, a 5% owner or a 1% owner of the employer's business whose annual pay was greater than $150,000 B) either an annual salary of more than $170,000; or, in the previous year, a 5% owner or a 1% owner of the employer's business whose annual pay was greater than $150,000 C) an annual salary exceeding $50,000 D) an annual salary less than $170,000