Question 1

A(n) ________ is a fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control,and consent by the other so to act.

Accepted Answer

A)  assignment
B)  garnishment
C)  accommodation
D)  agencyE) B) and C)
F) None of the above

Question 2

If a principal and an agent enter into an express agency contract,the principal cannot employ any agent other than the exclusive agent.

Accepted Answer

A) True 
 B)False

Question 3

An agent is a party who ________.

Accepted Answer

A)  agrees to act on behalf of another
B)  employs another person to act on his or her behalf
C)  directs a worker under an express or implied contract of employment
D)  receives the services of another for remunerationE) None of the above
F) All of the above

Question 4

Which of the following is true of an express agency?

Accepted Answer

A)  The agency involved is allowed to have multiple agents if desired.
B)  The agency is implied from the conduct of the parties.
C)  The agency comes to effect when the principal ratifies an unauthorized act.
D)  The agency arises when a principal creates the appearance of an agency that does not exist.E) A) and C)
F) C) and D)

Question 5

For an implied agency to function,implied authority cannot conflict with express authority.

Accepted Answer

A) True 
 B)False

Question 6

An agent does not owe a duty to notify the principal of important information he learns concerning the agency.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following describes an agency by estoppel?

Accepted Answer

A)  an agency that arises when a principal ratifies a contract created by an unauthorized agent
B)  an agency created when a principal and an agent expressly agree to enter into an agency agreement
C)  an agency that is not expressly stated but is implied and inferred in the conduct of the parties
D)  an agency that arises when a principal creates the appearance of an agency that in actuality does not existE) B) and D)
F) B) and C)

Question 8

Which of the following constitutes an agency?

Accepted Answer

A)  principal-agent relationship
B)  agent-agent relationship
C)  principal-principal relationship
D)  agent-independent contractor relationshipE) A) and B)
F) B) and C)

Question 9

Constructive notice is not valid against strangers who assert claims of apparent agency.

Accepted Answer

A) True 
 B)False

Question 10

A special power of attorney empowers the agent to act in any matters on the principal's behalf without limitation.

Accepted Answer

A) True 
 B)False

Question 11

The principal's duty to reimburse says that the principal should pay the agent all expenses prior to the start of the agency.

Accepted Answer

A) True 
 B)False

Question 12

What is imputed knowledge?

Accepted Answer

A)  information collected by a principal prior to engaging in an agency
B)  information collected by a principal on an agency
C)  information learned by an agent that is attributed to the principal
D)  information learned by a principal that is attributed to an agentE) A) and B)
F) B) and C)

Question 13

A general power of attorney limits the agent to those acts enumerated by the agreement.

Accepted Answer

A) True 
 B)False

Question 14

Parties with whom an agent has direct dealings must be given direct notice of the termination of an agency.

Accepted Answer

A) True 
 B)False

Question 15

Martin,who wants to sell a house he owns,authorizes his concierge,Wilhelm,to find a potential buyer,and finalize a deal above a stipulated price.Wilhelm contracts Chris,a real estate broker,and instructs him to only find a potential buyer and send them over to Wilhelm for the sale.Martin then contracts ReNowait Goodhouses,a home improvement company to renovate the house.ReNowait completes its work and Martin pays them.Chris then searches for a suitable buyer and finds one in George.George buys the house and Chris is paid for his services.What role does Chris perform?

Accepted Answer

A)  independent contractor
B)  agent
C)  principal
D)  trusteeE) None of the above
F) All of the above

Question 16

A(n) ________ is a contract a principal and agent enter into that says the principal cannot employ another agent other than the one stated.

Accepted Answer

A)  exclusive principal contract
B)  exclusive agency contract
C)  ratified contract
D)  apparent agency contractE) A) and D)
F) All of the above

Question 17

A principal-agent relationship exists when an employer hires an employee to perform some form of physical service.

Accepted Answer

A) True 
 B)False

Question 18

A duty that a principal owes to pay an agreed-upon amount to the agent either upon the completion of the agency or at some other mutually agreeable time is known as a principal's ________.

Accepted Answer

A)  duty to reimburse
B)  duty to cooperate
C)  duty to indemnify
D)  duty to compensateE) C) and D)
F) B) and C)

Question 19

List the circumstances that can lead to termination by impossibility of performance.

Accepted Answer

An agency relationship terminates if a s...

Question 20

Which of the following is true of a principal-independent contractor relationship?

Accepted Answer

A)  Principals are bound by the authorized contracts of their independent contractors.
B)  Independent contractors cannot be authorized by principals.
C)  Independent contractors are employees of the principals.
D)  Principals cannot directly employ independent contractors.E) A) and D)
F) B) and C)

Exam 29: Agency Formation and Termination

A special power of attorney empowers the agent to act in any matters on the principal's behalf without limitation.

Correct Answer
verified

Correct Answer
verified

A principal-agent relationship exists when an employer hires an employee to perform some form of physical service.

Correct Answer
verified

The principal's duty to reimburse says that the principal should pay the agent all expenses prior to the start of the agency.

Correct Answer
verified

Parties with whom an agent has direct dealings must be given direct notice of the termination of an agency.

Correct Answer
verified

For an implied agency to function,implied authority cannot conflict with express authority.

Correct Answer
verified

An agent is a party who ________.

Correct Answer
verified

A(n) ________ is a fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control,and consent by the other so to act.

Correct Answer
verified

What is imputed knowledge?

Correct Answer
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A(n) ________ is a contract a principal and agent enter into that says the principal cannot employ another agent other than the one stated.

Correct Answer
verified

A duty that a principal owes to pay an agreed-upon amount to the agent either upon the completion of the agency or at some other mutually agreeable time is known as a principal's ________.

Correct Answer
verified

Which of the following is true of a principal-independent contractor relationship?

Correct Answer
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An agent does not owe a duty to notify the principal of important information he learns concerning the agency.

Correct Answer
verified

List the circumstances that can lead to termination by impossibility of performance.

Correct Answer
verified
An agency relationship terminates if a s...
View Answer

Which of the following constitutes an agency?

Correct Answer
verified

A general power of attorney limits the agent to those acts enumerated by the agreement.

Correct Answer
verified

If a principal and an agent enter into an express agency contract,the principal cannot employ any agent other than the exclusive agent.

Correct Answer
verified

Which of the following describes an agency by estoppel?

Correct Answer
verified

Which of the following is true of an express agency?

Correct Answer
verified

Constructive notice is not valid against strangers who assert claims of apparent agency.

Correct Answer
verified

Exam 29: Agency Formation and Termination

A special power of attorney empowers the agent to act in any matters on the principal's behalf without limitation.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

A principal-agent relationship exists when an employer hires an employee to perform some form of physical service.

Correct AnswerverifiedShow Answer

The principal's duty to reimburse says that the principal should pay the agent all expenses prior to the start of the agency.

Correct AnswerverifiedShow Answer

Parties with whom an agent has direct dealings must be given direct notice of the termination of an agency.

Correct AnswerverifiedShow Answer

For an implied agency to function,implied authority cannot conflict with express authority.

Correct AnswerverifiedShow Answer

An agent is a party who ________.

Correct AnswerverifiedShow Answer

A(n) ________ is a fiduciary relationship which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control,and consent by the other so to act.

Correct AnswerverifiedShow Answer

What is imputed knowledge?

Correct AnswerverifiedShow Answer

A(n) ________ is a contract a principal and agent enter into that says the principal cannot employ another agent other than the one stated.

Correct AnswerverifiedShow Answer

A duty that a principal owes to pay an agreed-upon amount to the agent either upon the completion of the agency or at some other mutually agreeable time is known as a principal's ________.

Correct AnswerverifiedShow Answer

Which of the following is true of a principal-independent contractor relationship?

Correct AnswerverifiedShow Answer

An agent does not owe a duty to notify the principal of important information he learns concerning the agency.

Correct AnswerverifiedShow Answer

List the circumstances that can lead to termination by impossibility of performance.

Correct AnswerverifiedAn agency relationship terminates if a s...View AnswerShow Answer

Which of the following constitutes an agency?

Correct AnswerverifiedShow Answer

A general power of attorney limits the agent to those acts enumerated by the agreement.

Correct AnswerverifiedShow Answer

If a principal and an agent enter into an express agency contract,the principal cannot employ any agent other than the exclusive agent.

Correct AnswerverifiedShow Answer

Which of the following describes an agency by estoppel?

Correct AnswerverifiedShow Answer

Which of the following is true of an express agency?

Correct AnswerverifiedShow Answer

Constructive notice is not valid against strangers who assert claims of apparent agency.

Correct AnswerverifiedShow Answer

Correct Answer
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An agency relationship terminates if a s...
View Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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