Podcast
Questions and Answers
What is the role of an agent in the context of a two-person entity?
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?
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?
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?
What is the process for terminating a contract through the agent's party?
What is referred to as termination in the context of an agent and principal relationship?
What is referred to as termination in the context of an agent and principal relationship?
What does Environmental Studies (EVS or EVST) systematically study?
What does Environmental Studies (EVS or EVST) systematically study?
What does the field of Environmental Studies include?
What does the field of Environmental Studies include?
What is the main goal of environmental education?
What is the main goal of environmental education?
What skills and tools do Environmental Studies degree programs provide?
What skills and tools do Environmental Studies degree programs provide?
What subjects are associated with Environmental Studies?
What subjects are associated with Environmental Studies?
What does Environmental Studies systematically study?
What does Environmental Studies systematically study?
What is the main goal of environmental education?
What is the main goal of environmental education?
What skills and tools do Environmental Studies degree programs provide?
What skills and tools do Environmental Studies degree programs provide?
What is referred to as termination in the context of an agent and principal relationship?
What is referred to as termination in the context of an agent and principal relationship?
What does the field of Environmental Studies include?
What does the field of Environmental Studies include?
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.
