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B is corrent because normally a principal has the power to terminate an agency relationship even though it would constitute a breach to do so. However, where the agency is an agency coupled with an interest (i.e., where the agent owns part of the subject matter, the principal does not have the power to terminate the relationship).
A is incorrect because a principal can elect to terminate the agency relationship and be liable for breach of contract even though he has agreed that the agency is irrevocable.
C is incorrect because an appointment of an agent pursuant to a power of attorney does not deprive the principal of the power to terminate the relationship.
D is incorrect because an agency agreement, even if it provides for a specific duration, can be terminated by the principal even if the termination is in violation of the agreement. However, this action does subject the principal to a suit for damages.