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5 Written questions

5 Matching questions

  1. Fiduciary Duty
  2. Termination of P of A
  3. General P of A
  4. How is principal-agency relationship created?
  5. 20 Factor Test
  1. a Utmost loyalty, trust, and good faith in dealings between P and A
  2. b ✦ By acts of parties
    ✦ By operation of law
  3. c ✦ 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
  4. d 1) Employment
    2) Powers of Attorney
  5. e 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

5 Multiple choice questions

  1. ✦ Relationship between Principle and Agent. Agent acts under Principle's authority.
    ✦ Vertical Authority

    1) Express - clear, unequivocal authorization
    2) Implied - everything reasonably and customarily necessary
  2. Even if Principle didn't authorize Agent to act, Principle still bound if Principle ratifies Agent's actions
  3. ✦ 3rd Party doesn't know or reasonably shouldn't have known A is P's agent
    ✦ A is personally liable for broken contract
  4. Employer (P) IS LIABLE for a tort committed by his or her Employee (A) if the tort was WITHIN THE SCOPE OF THE EMPLOYEE"S EMPLOYMENT
  5. ✦ Fiduciary Duty
    1) Obedience - if legal
    2) Reasonable care
    3) Loyalty
    4) Duty to account for $
    5) Duty to notify regarding changed customers

5 True/False questions

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

          

  2. 5 Things to Know about Agency Law1) Actual
    2) Apparent

          

  3. 2 Types of Authority1) Actual
    2) Apparent

          

  4. Durable (General or Special) P of A✦ Agent can continue to act for Principle even when Principle couldn't legally act for himself/herself
    ✦✦ State of Texas ✦✦

          

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