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Generally, an agency relationship is terminated by operation of law in all of the following situations except the
a. Principal’s death.
b. Principal’s incapacity.
c. Agent’s renunciation of the agency.
d. Agent’s failure to acquire a necessary business license.
Answer:C
An agency relationship is terminated by operation of law if the subject of the agreement becomes illegal or impossible, the principal or the agent dies or becomes insane, or the principal becomes bankrupt.
Answers (a), (b), and (d) are incorrect be cause they will cause the termination of an agency relationship by operation of law.
Answer (c), agent’s renunciation of the agency, will not cause the termination of an agency relationship.