A party has the right to terminate an agency agreement without compensation in all but which...
A party has the right to terminate an agency agreement without compensation in all but which one of the following situations?
The principal and agent agree on an agency relationship to sell a boat, and the boat is destroyed in a storm.
The agent and principal agreed to a one year agreement and the agent terminated after six months.
A plumber, an agent of a contractor, has his mandatory plumbers license revoked.
A travel agent files for a Chapter 7 business bankruptcy.
Homework Answers
Option 2 is the answer
Under this option , the agent has wrongfully terminated the agreement after 6 months. Hence he is at fault and liable to the other party for damages.
Under the other 3 options, the situations in which the termination happens is beyond the control of the parties. Hence he has the right to terminate the agreement without compensation.
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Create a Balance Sheet from the Information provided
below for the company Wok City, Inc. as of March 31,
2017
In March 2017, Wok City, Inc.
was formed by contributing
(1)$10,000 in cash in exchange
for all of the company's 1,000 shares of stock. Owner 1 convinced
his parents to loan the new venture
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