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Hello everyone, In order to calculate the accounts receivable turnover ratio, simply divide the total net sales by the monthly average of the accounts receivable. A company's ability to effectively re...

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Ch 33 Agency Liability & Termination Assignment

CH 33 Agency Liability & Termination Assignment

Q 1) Discuss the four (4) ways that a principal could be found contractually liable to a third party for an agent's actions. 2) Discuss how an agent can be found contractually liable personally for his/her actions. 3) Lets say you retained a real estate agent to sell your home for the next 6 months. Describe at least three different ways that the principal/agent relationship might be terminated. 4) on page 636 states that "both parties may have the power to terminate the agency they may not posses the right to terminate". What does that mean?

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The first way in which a principal could be found contractually liable to a third party for an agent’s actions could be when there is negligent behavior shown by the principal (Clarkson, Miller & Cross, 2016). This is because there can be harm caused in this way. The second way could be when there is an authorization of an agent by a principal towards the commitment of a tort. This is because in such a case, the liability of the principal will be on the injured property or on the injured individual/individuals.