An initiation fee for an exclusive country club is recorded by the country club as a principal-agent relationship. b : nonrefundable upfront fee. c : bill-and-hold arrangement. d : repurchase agreement.

An initiation fee for an exclusive country club is recorded by the country club as a Principle agent relationship

Explanation:

Principle agent relationship is safeguarded by law. One entity legally appoints another to act on its behalf when the initiation fees given to a country club. The agent may work on behalf of the club and he may of service and assistance top you.  

An initiation fee confirms the membership of an individual to that particular country club. Law of agency is well stipulated in the constitution and the guidelines are followed by the country club while charging you.  

where is the passage

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