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5 Written questions

4 Multiple choice questions

  1. a power given as security—including an agency coupled with an interest—is irrevocable
  2. an agent owes a duty of utmost loyalty and good faith to the principal
  3. duty owed by principal to pay for losses agent incurred while acting as directed by principal
  4. an agent must act with reasonable care, competence, and diligence in performing the work for which he is employed

4 True/False questions

  1. principalperson who authorizes another to act on her behalf


  2. agencyconsensual relationship authorizing one party (agent) to act on behalf of the other party (principal) subject to the principal's control


  3. duty to informan 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. 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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