If a principal agrees to hire no other agent for a period of time or until a particular job is done,the principal and agent have entered into a(n) ________ agency contract.

A) unlimited
B) mutually exclusive
C) voidable
D) implied
E) exclusive

Exclusive Agency Contract

A binding agreement between a principal and an agent granting the agent the sole rights to act on the principal's behalf within a certain market area or for specified activities.

Principal

The initial amount of money invested or lent, excluding any interest or profit.

Agent

An individual authorized to act on behalf of another, known as the principal, in legal or business matters.