Which agency can perform a wide range of functions on behalf of the principal?

The correct choice is universal agency. This type of agency allows the agent to act on behalf of the principal in a broad range of matters, making decisions and taking actions that encompass a wide variety of tasks and responsibilities. In a universal agency, the agent has the authority to perform any act that can be legally delegated by the principal. This is a more comprehensive relationship compared to other types of agency.

For instance, a universal agent may have the authority to handle financial decisions, enter into contracts, and manage day-to-day affairs for the principal, effectively acting as a stand-in for the principal in many aspects of their personal or business life.

In contrast, a general agency is more limited, typically focusing on a specific business or service area rather than extensive responsibilities. A special agency is even more restrictive, granting the agent authority to act in a single specific transaction. Express agency simply refers to a situation where the agency relationship is created through explicit agreement, but it does not inherently convey the same level of authority as universal agency.