JAMB - Commerce (2010 - No. 41)
An agency contract must involve?
a principal and a consumer
a principal and a producer
a principal and a third party
a principal and an agent
ব্যাখ্যা
An agency contract involves the principal and the agent.
The principal-agent relationship is an arrangement in which one entity legally appoints another to act on its behalf. In a principal-agent relationship, the agent acts on behalf of the principal and should not have a conflict of interest in carrying out the act.