Which of the following refers to a partner's actions in relation to the firm's obligations?

The term that refers to a partner's actions in relation to the firm's obligations is "agent of the firm." In a partnership, each partner acts as an agent for the partnership, which means they have the authority to bind the firm to contractual obligations and make decisions that impact the business as a whole. This agency relationship is foundational in partnerships, whereby the actions taken by one partner can legally obligate the other partners and the firm itself to various responsibilities and liabilities.

This is a critical aspect of business law because it establishes the principle of agency, where the behavior and decisions of one partner represent the collective interests of the partnership. Therefore, understanding the responsibilities and powers that come with being an agent is key for anyone involved in or studying partnerships.

The other options do not accurately capture this concept. An independent dealer operates separately from the firm and does not have the authority to bind the partnership in obligations. A non-partner contributor is someone who may provide resources or support without having a management role in the partnership, lacking the agency power of a partner. An external counselor typically offers advice and guidance but does not engage in the decision-making process or assume responsibility for the obligations of the partnership. Therefore, "agent of the firm" is the most appropriate term reflecting the