Final answer:
It is false that agency agreements must have a specific termination date. While recommended for clarity, such agreements may end in various ways depending on the contract terms or legal stipulations within the relevant jurisdiction.
Step-by-step explanation:
The statement 'Agency agreements must have a specific termination date' is false. While it is common for agency agreements to include a specific termination date, it is not a legal requirement for all such contracts. An agency agreement may terminate in various ways, including upon completion of the specific purpose for which the agency was created, expiration of a term if one is specified, mutual agreement, occurrence of a specific event, or at will if the agreement is an at-will contract. However, to avoid indeterminacy and potential legal disputes, it is considered best practice to specify the termination conditions clearly within the agreement, including a specific termination date if applicable.
Furthermore, different jurisdictions may have variations in their requirements for agency agreements. It is therefore important for parties entering into an agency relationship to be aware of and comply with the legal stipulations pertinent to their jurisdiction and the type of agency established.