1. Which of the following is not required for the principal-agent relationship?
Agent's behaviors/act must be for the benefit of the principal
An informal agreement between the principal who has capacity and the agent
Principal must have the right to control the agent by having the power to supervise the manner of the agent's performance
Writing or consideration
2. In the field of agency, what forms a principal-agent relationship?
All of the above
Principal has control over agency’s actions
An informal agreement exists between the agent and principal for the action taken
Principal benefits from agent’s conduct