Chat with AIExam 28: Relationship of Principal and Agent
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Exam 24: Form and Content67 Questions
Exam 25: Transfer and Holder in Due Course71 Questions
Exam 26: Liability of Parties72 Questions
Exam 27: Bank Deposits, Collections, and Funds Transfers66 Questions
Exam 28: Relationship of Principal and Agent84 Questions
Exam 29: Relationship With Third Parties84 Questions
Exam 30: Formation and Internal Relations of General Partnerships70 Questions
Exam 31: Operation and Dissolution of General Partnerships69 Questions
Exam 32: Limited Partnerships and Limited Liability Companies68 Questions
Exam 33: Nature and Formation of Corporations80 Questions
Exam 34: Financial Structure of Corporations79 Questions
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Exam 47: Introduction to Property, Property Insurance, Bailments, and Documents of Title83 Questions
Exam 48: Interests in Real Property80 Questions
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Exam 50: Trusts and Wills77 Questions
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Diane appoints Edward as her agent to sell goods in markets where the highest price can be obtained. Edward sells the goods in a market that is glutted and obtains a low price, even though he could have obtained a higher price in a nearby market by using more care in obtaining the available market information. Edward is liable to Diane for breach of the duty of diligence.
(True/False)
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(39)
(39) After an agency terminates, the agent is free to disclose to third persons any information acquired during the agency relationship.
(True/False)
4.7/5 (25)
(25) What is an independent contractor? Can an independent contractor also be an agent? Explain.
(Essay)
4.9/5 (38)
(38) The concept of conflict of interest as it relates to the law of agency includes which of the following?
(Multiple Choice)
4.9/5 (37)
(37) An agent must act solely in the interest of his principal in all acts that would affect the principal's business.
(True/False)
4.9/5 (39)
(39) Prentice and Mercedes are partners in a catering business. The law of agency:
(Multiple Choice)
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(43) Agency law is basic to almost every other branch of business law.
(True/False)
4.9/5 (46)
(46) The capacity to act through an agent, depends on the capacity of the agent to do the act.
(True/False)
4.7/5 (34)
(34) Carolyn, a cashier at Tops Supermarkets, may cash checks for up to $20 over a purchase amount. A friend needs money for a dress so Carolyn cashes a check for $50 with no purchase. The check bounces. Carolyn is:
(Multiple Choice)
4.9/5 (28)
(28) The fiduciary duty of an agent has no bearing upon his ability to act on behalf of a competitor of his principal.
(True/False)
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(46) An agent may not make a secret profit from any transaction subject to the agency.
(True/False)
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(43) All of the following except which one is a duty of an agent?
(Multiple Choice)
4.8/5 (28)
(28) An "electronic agent" is not a true agent since it is not a person.
(True/False)
5.0/5 (36)
(36) A power given as security creates a relationship of agency and actual authority.
(True/False)
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(50) A fiduciary duty, arising out of a relationship of trust and confidence, is one of utmost loyalty and good faith.
(True/False)
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(36) If an agency is gratuitous, the principal ordinarily may revoke it without liability to the agent.
(True/False)
4.8/5 (35)
(35) 
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