According to the Law of Agency, the principal is a) employer of the agent b) employee of the agent c) subordinate of the agent d) enemy of the agent.
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According to the Law of Agency, the principal is a) employer of the agent b) employee of the agent c) subordinate of the agent d) enemy of the agent.
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- Who is an agent and what are the duties of an agent? How does the principle of vicarious liability affect the principal/agent relationship? What is the nature of the authority that can be granted to a duly appointed agent?If the agency relationship is undisclosed, the agent is liable to the third party if they fail to perform. T/FWhich type of agent is not liable for a breach of contract by his principal: a. undisclosed agent b. partially disclosed agent c. fully disclosed agent d. all of the above
- Which of the following is true? B. The agent is expected to carry out an agency although its execution would manifestly result in loss or damage to the principal. D. Agency is presumed to be for a compensation, unless there is proof to the contrary. A. The contract of agency is extinguished by the insanity of the agent but not of the principal. C. Two persons authorizing an agent to sell a property on their behalf are liable jointly to the agent.Agency problem arises due to the divergence or divorce of interest between the principal and the agent. Discuss shareholders-management agency relationship, conflict and resolution. What is an agency relationship? When you firstbegin operations, assuming you are the onlyemployee and only your money is invested in thebusiness, would any agency conflicts exist? Explainyour answer.
- How does the principle of vicarious liability affect the principal/agent relationship? What is the nature of the authority that can be granted to a duly appointed agent?When an employee is in a position to detect and hide fraudulent activity, incompatible obligations exist. False or True?Employee benefits are all forms of monetary consideration given by an entity in exchange for services rendered by employees or for the termination of employment. a. TRUE b. FALSE
- Vicarious performance is where a. a third party performs an obligation in place of another person who is ultmately liable for a proper performance b. an employee performs an obligation inplace of another employee and the performing employee is liable for proper performance c. parties to a contract enter into another agreement that has the effect of transferring the liability to perform to a third party d. an employer performs an obligation in place of its employee and is liable for proper performance e. parties to a contract agree to terminate a contract and substitute a new contract in place of the old one.Which of the following is NOT a duty owed by an agent to his/her principal? 1) Duty to Obey Instructions. 2) Duty of Care. 3) Duty to Retreat. 4) Duty to Provide Information.Statement I: If an agent acts in his name, the principal shall have a right of action against the persons with whom the agent has contracted. Statement II: Should there be a stipulation that the agent shall advance the necessary funds, he shall be bound to do so even if the principal is insolvent. Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false.
