Asked by Lungile Shange on Jul 06, 2024
Verified
Agency relationships come about by voluntary consent and agreement of the parties-consideration is required, and the agreement must be in writing.
Voluntary Consent
Consent freely given without coercion, where the individual fully understands what they are agreeing to.
Consideration
In contract law, it's the value that is exchanged between parties in a contract, making the agreement legally binding.
Agency Relationships
A relationship in which one party (the agent) agrees to act for another party (the principal) in a business transaction.
- Understand the nature and formation of agency relationships.
Verified Answer
AM
aaliyah mogajiJul 06, 2024
Final Answer :
False
Explanation :
Agency relationships can arise without consideration and do not always require a written agreement; they can be formed by verbal agreement or implied by conduct.
Learning Objectives
- Understand the nature and formation of agency relationships.