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which of the following is true of agency relationships? legally binding agency relationships may be formed between a principal who is a minor and an agent, if the agent is a fully capable adult. agency relationships are created between a principal and an agent, who represents the principal to a third party. agency relationships require an exchange of consideration to be formed. agency relationships are created between a principal and an employee, who represents the principal to an agent.

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Based on a business relationship concept, the true statement of agency relationships is agency relationships are created between a principal and an agent, who represents the principal to a third party.

What is Agency Relationship?

An agency relationship is a term that is used to describe the fiduciary and consensual relationship between two persons where one person acts on behalf of the other person and where the agent can form legal relationships on behalf of the principal.

Generally, the Agency relationship may be a business or personal relationship and it is of different types.

Types of an agency relationship

  • Buyer's Agency;
  • Seller's Agency;
  • Dual Agency.

Components of Agency relationships

  1. it is a manifestation of consent by one person to another that the other
  2. it shall act on his behalf and
  3. it is subject to his control, and
  4. it consents by the other to act.

Hence, in this case, it is concluded that the correct answer is option B. agency relationships are created between a principal and an agent, who represents the principal to a third party.

Learn more about Agency Relationships here: https://brainly.com/question/15733071

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