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Exam 19: Agency

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Question 1

Multiple Choice

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If a person acts as an agent for more than one party with their knowledge,the agent is entitled to receive compensation from:

A) each principal.
B) each agent.
C) his or her first employer.
D) his or her last employer.

E) All of the above
F) None of the above

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Question 2

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An agency by operation of law is created when a court finds the need for an agency to achieve a desired social policy.

A) True
B) False

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Question 3

Multiple Choice

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A principal cannot accept the benefits of a transaction and refuse to accept the:

What are the duties that are bestowed and owed to a guardian ad litem?

It is often necessary or desirable for a person or firm to be represented by another in business or personal dealings with third parties.This relationship is called a(n) :

A principal is liable for the torts and crimes of the agent if they are committed at the direction of the principal or while the agent is performing authorized duties during the ordinary course of the agency.

A principal may not revoke an agency contract if the agent has an interest in the subject matter of the agency in addition to the remuneration that he or she receives for services.Such a contract is called an irrevocable agency,which is also known as:

Individuals who lack the capacity to enter into contracts on their own are:

When an agent does not inform the third party that he or she is acting on behalf of another person,the unidentified principal is known as a(n) :

Describe the consequences of a failure on the part of the principal to give notice of the termination of the agency to all third parties.

Which legal term is used for a person who is appointed as an agent?

How is a contract of agency established?

It is not necessary for the agent to obey all of the principal's reasonable and lawful orders and instructions within the scope of the agency contract.

A principal must reimburse an agent for any loss or damage suffered by the agent in the legitimate:

The legal principles governing the relationship of principal and agent and of employer and employee are entirely different from each other.

If an employee is required to perform duties for the employer that necessitate the exercise of judgment and discretion and that result in the establishment of a contractual relationship between the employer and a third party,then the employee has the status of an agent even without a:

Agents are usually classified according to the nature of their relationship with their principals.

The authority that has actually been given by the principal,either orally or in writing,is known as:

Some employees are agents; some are not.Some agents are also employees and some are not.The two relationships are judged:

A principal is not responsible to third parties for all agreements made by the agent on behalf of the principal even if the agent acted within the scope of his or her authority.