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5 Written questions

4 Multiple choice questions

  1. an agent must act with reasonable care, competence, and diligence in performing the work for which he is employed
  2. duty owed by principal to pay agent for authorized payments made on principal's behalf
  3. an agent must maintain and provide the principal with an accurate account of money or other property that the agent has received or expended on behalf of the principal; an agent must not mingle the principal's property with any other person's property
  4. person who authorizes another to act on her behalf

4 True/False questions

  1. indemnificationa principal must compensate the agent as specified in the contract, or for the reasonable value of the services provided, if no amount is specified


  2. Irrevocable Powersa power given as security—including an agency coupled with an interest—is irrevocable


  3. fiduciary dutyinclude the duty to provide an employee with reasonably safe conditions of employment


  4. agency by estoppelimposed by law when a person (P) causes a third person (T) to believe that another person (A) has authority to act on P's behalf


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