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5 Written Questions

5 Matching Questions

  1. Termination by Operation of Law
  2. 5 Things to Know about Agency Law
  3. Contractual Liability of Agent to 3rd Party - Is A personally liable to 3rd party under contract negotiated for P?
  4. 2 Types of Authority
  5. Agent (A)
  1. a ✦ Person who acts for another
    ✦"employee/worker"
  2. b ✦ Depends
    1) Disclosed Principal
    2) Undisclosed Principal
  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 1) 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?

5 Multiple Choice Questions

  1. ✦ By acts of parties
    ✦ By operation of law
  2. ✦ 3rd Party doesn't know or reasonably shouldn't have known A is P's agent
    ✦ A is personally liable for broken contract
  3. Even if Principle didn't authorize Agent to act, Principle still bound if Principle ratifies Agent's actions
  4. ✦ Agent can continue to act for Principle even when Principle couldn't legally act for himself/herself
    ✦✦ State of Texas ✦✦
  5. = Notice to P
    ✦ If A's receipt of notice is within A's actual or apparent authority

5 True/False Questions

  1. Special 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. Employer-Employee or Independent Contractor?✦ If Employer-Employee = GENERAL RULE
    ✦ If Independent Contractor = then "boss" is not liable for independent contractor's actions

          

  3. Disclosed Principal✦ 3rd Party knows or reasonably should have known A is P's agent
    ✦ Agent has no liability (personal) for broken contract

          

  4. 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

          

  5. GENERAL RULE✦ 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

          

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