Shared Flashcard Set

Details

chapter 30
chapter 30
10
Business
Undergraduate 3
05/01/2008

Additional Business Flashcards

 


 

Cards

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

Definition

A) yes

B) yes

C) yes

D) yes

E) yes

 

Reimbursement..NO!!!!

Term

 

What name is given to describe an agents duty to perform in accordance with the terms of the agency agreement?

Definition

 

 

 

Performance

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?

 

Definition

 

 

  Yes

 

 

 

 *No notification to 3rd party. 

Term

 

Is information that becomes available to the agent imputed to the principal?

Definition

 

 

 

Yes.

Term

 

Generally, if an angent competes with the principal, has the agent breached his duty of performance?

Definition

 

 

No, breached duty of loyalty

Term

 

What distinguishes the principals duties of reimbursement and indemnification?

Definition

 

Losses suffered by an agent.

Term

 

Does the degree to which an agent discloses an agency relationship affect the agents liability only?

Definition

 

 

Yes.

 

 

 

(contract liability)

Term

 

Why is the agent able to be held liable on a contract when the existence of the agency arrangement has not been disclosed?

Definition

 

Because 3rd party could rely upon the reputation only the agent when entering contract.

Term

 

What is the significance of a 'frolic or detour?"

Definition

 

 

Determines whether employer is liable for negligence tort of the employee

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?

Definition

 

 

Yes.

 

 

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