Which term is "partners" synonymous with regarding the agency relationship and the Partnership Act?
A) profits
B) principals
C) limits on authority
D) capital contributions

Question

Quizplus · Accepted Answer

Partners in the context of an agency relationship and the Partnership Act are synonymous with principals. This is because in a partnership, each partner acts as an agent for the other partners within the scope of the business activities, making decisions and entering into agreements on behalf of the partnership.

Which Term Is "Partners" Synonymous with Regarding the Agency Relationship