Agency Termination Process
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Questions and Answers

What is the role of an agent in the context of a two-person entity?

  • Minimizing someone else's behavior (correct)
  • Creating contracts
  • Revoking the principal's authority
  • Maximizing someone else's behavior

    • How is termination of a contract initiated through the principal's party?

  • The principal settles any outstanding obligations with the third party
  • The agent revokes the principal's authority
  • The principal revokes the agent's authority by notifying the third party (correct)
  • The agent is no longer authorized to act on the principal's behalf

    • What is the role of the principal in the context of a two-person entity?

  • Revoking the agent's authority
  • Minimizing someone else's behavior
  • Creating contracts
  • Maximizing someone else's behavior (correct)

    • What is the process for terminating a contract through the agent's party?

    <p>The agent revokes the principal's authority by notifying the third party</p> Signup and view all the answers

    What is referred to as termination in the context of an agent and principal relationship?

    <p>Revoking authority</p> Signup and view all the answers

    What does Environmental Studies (EVS or EVST) systematically study?

    <p>Human interaction with the environment</p> Signup and view all the answers

    What does the field of Environmental Studies include?

    <p>The natural environment, the built environment, and their relationship</p> Signup and view all the answers

    What is the main goal of environmental education?

    <p>Instilling pro-environmental thinking and attitude in society</p> Signup and view all the answers

    What skills and tools do Environmental Studies degree programs provide?

    <p>Analytical tools needed to face environmental issues</p> Signup and view all the answers

    What subjects are associated with Environmental Studies?

    <p>Ethics, geography, anthropology, public policy, education</p> Signup and view all the answers

    What does Environmental Studies systematically study?

    <p>Human interaction with the environment</p> Signup and view all the answers

    What is the main goal of environmental education?

    <p>Instilling pro-environmental thinking and attitude</p> Signup and view all the answers

    What skills and tools do Environmental Studies degree programs provide?

    <p>Analytical tools to address environmental issues</p> Signup and view all the answers

    What is referred to as termination in the context of an agent and principal relationship?

    <p>Ending the contractual relationship</p> Signup and view all the answers

    What does the field of Environmental Studies include?

    <p>Study in basic principles of ecology and environmental science</p> Signup and view all the answers

    Study Notes

    • Professor Ivaning covers the topic of how to terminate an agent in Transaction of the American Association of Certified Public Accountants (AICPA).
    • Agents can be created within our two-person entity, with the role of an agent being a person who minimizes someone else's behavior, making them an agent in our context, and the role of the principal being the person who maximizes someone else's behavior, making them the principal in our context.
    • In a two-person entity, the agent and principal relationship creates a contract between them.
    • The termination of a contract by either party or by the principal is referred to as termination.
    • Termination can be initiated through either the principal or the agent.
    • To terminate a contract through the principal's party, three steps can be taken: 1. The principal revokes the agent's authority by notifying the third party, 2. The agent is no longer authorized to act on the principal's behalf. 3. The principal settles any outstanding obligations with the third party.
    • To terminate a contract through the agent's party, the process is reversed: 1. The agent revokes the principal's authority by notifying the third party, 2. The agent is no longer authorized to act on the principal's behalf, and 3. The agent settles any outstanding obligations with the third party.

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    Description

    This video covers the process of terminating an agency, a topic often encountered in exams. It also discusses how agencies are created and ratified. The video provides a link to further information for those who have not watched it.

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