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5 Written questions

4 Multiple choice questions

  1. 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
  2. duty owed by principal to pay for losses agent incurred while acting as directed by principal
  3. an agent must act with reasonable care, competence, and diligence in performing the work for which he is employed
  4. an agent must use reasonable efforts to give the principal information material to the affairs entrusted to her

4 True/False questions

  1. compensationa 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. principalperson who authorizes another to act on her behalf


  4. Tort Dutiesinclude the duty to provide an employee with reasonably safe conditions of employment


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