(No explanation needed!)

1) An agency relationship with a principal must be in writing to be effective. T/F

2) Legal contractual capacity is not required to be an agent. T/F

3) Commercial agents often bear the financial risk of nonpayment by the purchaser. T/F

4) Employees are agents for their the employers T/F

5) Agents are not required to disclose any conflicts that exist with respect to their relationship with the principal T/F