Term
Which, if any of the following are duties of an agent to the principal? A) Accountability B) Loyalty C) Performance D) Notification E) Obidience |
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Definition
A) yes B) yes C) yes D) yes E) yes Reimbursement..NO!!!! |
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Term
What name is given to describe an agents duty to perform in accordance with the terms of the agency agreement? |
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Definition
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Term
Can the agents duty of notification be described as a duty to notify the principal about any material information the agent learns relative to the subject matter of the agency? |
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Definition
Yes *No notification to 3rd party. |
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Term
Is information that becomes available to the agent imputed to the principal? |
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Definition
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Term
Generally, if an angent competes with the principal, has the agent breached his duty of performance? |
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Definition
No, breached duty of loyalty |
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Term
What distinguishes the principals duties of reimbursement and indemnification? |
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Definition
Losses suffered by an agent. |
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Term
Does the degree to which an agent discloses an agency relationship affect the agents liability only? |
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Definition
Yes. (contract liability) |
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Term
Why is the agent able to be held liable on a contract when the existence of the agency arrangement has not been disclosed? |
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Definition
Because 3rd party could rely upon the reputation only the agent when entering contract. |
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Term
What is the significance of a 'frolic or detour?" |
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Definition
Determines whether employer is liable for negligence tort of the employee |
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Term
Does the principal's duty of cooperation require the principal to assist the agent and not interfere with the agent in the performance of his duties? |
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Definition
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