NAME: ________________________

MGMT 643 - Agency Law Test

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5 Written Questions

5 Matching Questions

  1. Termination by Operation of Law
  2. 2 Types of Authority
  3. Disclosed Principal
  4. Undisclosed Principal
  5. Principle (P)
  1. a ✦ 3rd Party knows or reasonably should have known A is P's agent
    ✦ Agent has no liability (personal) for broken contract
  2. b ✦ Person who has somebody else work (act) for him/her
    ✦"employer/boss"
  3. c 1) Actual
    2) Apparent
  4. d 1) Incapacity?
    2) Death?

    ✦ If Durable Gen or Special = not terminated
    ✦ If Plano Gen or Special = yes, terminated
  5. e ✦ 3rd Party doesn't know or reasonably shouldn't have known A is P's agent
    ✦ A is personally liable for broken contract

5 Multiple Choice Questions

  1. ✦ Depends
    1) Disclosed Principal
    2) Undisclosed Principal
  2. 1) Instructions, 2) Training, 3) Integration, 4) Services Rendered Personally, 5) Hiring, Supervising, & Paying, 6) Continuing Relationship, 7) Set Hours of Work, 8) Full-Time Required, 9) Doing Work on Employer's Premises, 10) Order or Sequence Set, 11) Oral or Written Reports, 12) Payment by Hour, Week, or Month, 13) Payment of Business and/or Traveling Expenses, 14) Furnishing Tools and Materials, 15) Significant Investment, 16) Realization of Profit or Loss, 17) Working for More Than One Firm at a Time, 18) Making Service Available to General Public, 19) Right to Discharge, 20) Right to Terminate
  3. ✦ Relationship between Agent and 3rd Parties (others)
    ✦ Horizontal Authority

    ✦Principle is contractually bound if 3rd party could reasonably believe Agent was authorized to act for Principle - even if they weren't
  4. 1) General
    2) Special
    3) Durable
  5. 1) Completion
    2) Revocations
    3) Quit
    4) Time

5 True/False Questions

  1. General P of A✦ Agent authorized to do everything Principle could legally do while Principle could legally do it
    ✦ If they aren't able to do something, then you can't act for them

          

  2. Duties of Principle to Agent✦ Fiduciary Duty
    1) Obedience - if legal
    2) Reasonable care
    3) Loyalty
    4) Duty to account for $
    5) Duty to notify regarding changed customers

          

  3. 5 Things to Know about Agency Law1) How is principal-agency relationship created?
    2) What is power of attorney? What are the types?
    3) What contractual liability can agent create for his principle?
    4) What tort liability can agent create for his principle?
    5) What is an independent contractor?

          

  4. Commuting?✦ Texas - GENERAL RULE - person is not within scope of employment while commuting to and from work

          

  5. Employer-Employee or Independent Contractor?1) General
    2) Special
    3) Durable

          

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