Which of the following statements is true of termination by operation of law?
A) If one of the parties dies, that party's legal heir assumes the role held by that party in a principal-agent relationship.
B) If an agent is bankrupt, a principal-agent relationship is terminated.
C) If performance is rendered impossible by uncontrollable circumstances, a principal-agent relationship is terminated.
D) When a principal-agent relationship is terminated by law, the principal must notify the third parties.
C
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Which of the following financial statements is a position statement?
A) Balance sheet B) Statement of cash flows C) Statement of retained earnings D) Income statement E) None of the above
A relationship instance is an association between entity instances where each relationship instance includes exactly one entity from each participating entity type
Indicate whether the statement is true or false