BLAW 2301 EXAM 3 QUESTIONS WITH COMPLETE SOLUTIONS | VERIFIED
1. principal the person who has someone acting for him
2. agent a person who acts on behalf of a principal for
someone else
3. to create an agency relationship, there 1. a principal
must be 2. an agent
3. both mutually consent that the agent will
act on behalf of the principal and
4. be subject to the principal's control
5. thereby creating a fiduciary relationship
4. consent principal asks and agent agrees
5. principals are liable for an agent's acts control
because they exercise over that
person
6. fiduciary relationship the trustee must act in the best interests of the
beneficiary
7. agents have a to their princi- fiduciary duty
pals
8. elements not required for an agency rela- 1. written agreement
tionship 2. formal agreement
3. compensation
9. equal dignities rule if an agent is empowered to enter into a con-
tract that must be in writing, then the appoint-
ment of the agent must also be in writing
10. all three elements that are necessary for a consent + control + fiduciary duty
fiduciary relationship
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1. principal the person who has someone acting for him
2. agent a person who acts on behalf of a principal for
someone else
3. to create an agency relationship, there 1. a principal
must be 2. an agent
3. both mutually consent that the agent will
act on behalf of the principal and
4. be subject to the principal's control
5. thereby creating a fiduciary relationship
4. consent principal asks and agent agrees
5. principals are liable for an agent's acts control
because they exercise over that
person
6. fiduciary relationship the trustee must act in the best interests of the
beneficiary
7. agents have a to their princi- fiduciary duty
pals
8. elements not required for an agency rela- 1. written agreement
tionship 2. formal agreement
3. compensation
9. equal dignities rule if an agent is empowered to enter into a con-
tract that must be in writing, then the appoint-
ment of the agent must also be in writing
10. all three elements that are necessary for a consent + control + fiduciary duty
fiduciary relationship
1/4
