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Which of the following statement(s) concerning agency law is (are) true? I. A contract is needed to have an agency relationship. II. The agent owes

Which of the following statement(s) concerning agency law
is (are) true?
I. A contract is needed to have an agency relationship.
II. The agent owes a fiduciary duty to the principal.
III. The principal owes a fiduciary duty to the agent.

I and II only.I and III onlyII onlyI, II, and III.

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