Exam 14: Relationships Between Principal and Agent

The shop rights doctrine allows a company to use an invention developed by an employee on its premises,using company resources,without payment of royalties.

The fiduciary responsibility of an agent is imposed by law.

The principal is allowed to compete with an agent unless the agreement specifically prohibits it.

Differentiate between a servant and an independent contractor as under agency law).

A contract is no less binding when negotiated by an agent than by the principal.

In case where,Michelle,in anticipation of her death,gives Adam,her son,power of attorney,Adam will be acting as a general agent on behalf of Michelle.

Who is an agent? List the various types of agents.

An agent will not be liable for damages even if the principal repudiates what the agent has done,as long as he/she has acted reasonably under circumstances.

Merlin gives Ralph authority to sell her land,and to pay himself out of the proceeds,the debts due to him from Merlin.Under such circumstances,it can be said that Ralph:

The _____ rule bars any form of recovery from an employer for torts committed by one employee against another.

_____ is a form of agency where the agent receives no compensation.

The fiduciary relation between an agent and principal is two-way,that is,the agent is the principal's fiduciary and the principal is the agent's fiduciary.