Asked by
Sarah Murphy
on Nov 21, 2024
Verified
If there is no agreement between a principal and an agent regarding the amount for which the principal will compensate the agent, which of the following statements is true?
A) It will be assumed that the agent agreed to work for free on a gratuitous basis.
B) The agent will be allowed to set the price which will be enforced unless it is unconscionable.
C) The principal will be allowed to set the price which will be enforced unless it is unconscionable.
D) The court will appoint a magistrate to set the price.
E) Compensation will be calculated according to the customary fee in the situation.
Gratuitous Basis
A situation where goods, services, or assets are given without receiving payment or consideration in return.
Customary Fee
A charge or payment that is considered typical or usual within a particular industry, market, or legal context based on long-standing practices.
- Recognize the entitlements and corrective measures accessible to agents and principals within agency connections, such as remuneration, indemnification, and precise enforcement.
Verified Answer
MO
Learning Objectives
- Recognize the entitlements and corrective measures accessible to agents and principals within agency connections, such as remuneration, indemnification, and precise enforcement.