Practice: Agency, Employment & Debtor-Creditor Relationships Quiz Quiz | Regulation (REG)

Question 1

What is an agency relationship?

Answer

A relationship between two competing businesses

Answer

A legal relationship in which an agent acts on behalf of a principal

Answer

A contract between two creditors

Answer

A partnership formed by employees

Question 2

Who is the principal in an agency relationship?

Answer

The person negotiating with the agent

Answer

The court supervising the transaction

Answer

The person or business authorizing another to act

Answer

The employee receiving wages

Question 3

Which person acts on behalf of the principal?

Answer

Agent

Answer

Debtor

Answer

Trustee

Answer

Creditor

Practice Quiz