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5 Written questions

4 Multiple choice questions

  1. duty owed by principal to pay for losses agent incurred while acting as directed by principal
  2. consensual relationship authorizing one party (agent) to act on behalf of the other party (principal) subject to the principal's control
  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. an agent must act with reasonable care, competence, and diligence in performing the work for which he is employed

4 True/False questions

  1. Tort Dutiesa 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. 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

          

  3. fiduciary dutyan agent owes a duty of utmost loyalty and good faith to the principal

          

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