What type of principal is known by the third party when an agreement is made with an agent?Multiple choice question.An attorney-in-factAn apparent principalA ratified principalA disclosed principal

An agency by ratification is made when a third party reasonably believes that the "agent" is acting on behalf of the principal and that the principal accepts the acts of the agent. Additionally, the principal must know all the material facts regarding the contract and the principal must: Blank______.Multiple choice question.announce to the third party that the agency relationship existsratify at least part of the agent's actratify the entirety of the agent's actbe present when the terms of the contract are formalized in writing

Who is liable to a third party if an agent exceeds his or her authority to act on behalf of the principal?Multiple choice question.Neither the agent nor the principalThe principalThe agentAny incidental beneficiary

In certain situations, the agent is the only party liable for the contract even when the agent acts within his or her authority on behalf of an undisclosed principal. Identify these situations. (Check all that apply.)Multiple select question.The contract expressly excludes the principal from the contract.The third party enters into a contract with the agent such that the agent's performance is required and the third party may reject the performance of the principal.The agent enters into a contract that is a nonnegotiable instrument. The principal or agent knows a third party would enter into a contract with the principal if the principal's identity were disclosed but the agent does not disclose the identity anyway.

f the third party is aware of the principal's existence but not his or her identity, the principal is classified as a(n) Blank______.Multiple choice question.ratified principalprincipal by estoppeldisclosed principalunidentified principal

Multiple Choice QuestionTwo parties are involved in an agency relationship: The _______ is the one who wishes to have a specific task accomplished; the _______ is the one who acts on behalf of the person to accomplish the task.Multiple choice question.agent; principalplaintiff; defendantprincipal; agentdefendant; plaintiff