Exam 19: Relationship of Principal and Agent

An agent may be liable to his principal if he improperly delegates his authority.

In circumstances under which a person is held liable as a principal even though no actual agency has been created,there is a(n):

A principal has no duty to compensate his or her agent if:

An agency contract appointing the agent for a period of more than one year does not have to be in writing.

A person who engages an independent contractor may control the method and manner used by the contractor to perform the job.

Contractual duties of a principal to an agent include all but the duty to:

All of the following except which one is a duty of an agent?

Mark,who is 16 years old,appoints Joe,age 21,as his agent to purchase a videotape recorder from VideoWorld.The transaction between Joe and VideoWorld is:

All independent contractors are agents,but not all agents are independent contractors.

A principal owes to any agent the same duties under tort law that the principal owes to all parties.

A principal may generally revoke the authority of an agent at any time by notifying the agent.

Which of the following is not a breach of an agent's duty of obedience?

Whether a person is an employee or an independent contractor makes a difference in whether the principal has obligations under certain federal and state statutes.

An agent whose compensation depends on his accomplishing a specific result is entitled to the agreed compensation only if the result is achieved within a reasonable time if no time is stated.

Mary employs Tony to purchase for her a suitable site for an office complex.Tony owns a suitable site himself and sells it to Mary for the fair market value without disclosing to her that he is the owner of the land.Tony has fulfilled his duties to Mary,because he sold the property for the fair market value,even if he failed to disclose his ownership of the property.

Amber,who is an agent for Peter,breaches her fiduciary duty to Peter.Amber:

The appointment of an agent by a minor or an incompetent not under a guardianship and any resulting contracts are not voidable regardless of the agent's contractual capacity.

Jones,an agent of Rossi,is authorized to sell Rossi's ownership of wheat on the commodities market on Monday.On Monday,however,the market opens with the lowest prices for wheat in two decades.Jones must go ahead and sell Rossi's wheat on Monday.

An agent can never act for two principals.

As a general rule,a person may do through an agent whatever business activity he may accomplish personally.