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BLAW 3310 Test 3 Schwemer |
Comprehensive Questions With Answers
CHAPTER 14-correct-answer-
Agency by Operation of Law-correct-answer-Sometimes, an agent is unable to
reach the principal and has to make a rational decision quickly. This would be
legally acceptable.
An example would be an agent who is forced to buy $500 worth of plywood to
cover a principal's home during a hurricane, because they are unable to get in
contact with them.
Actual vs Apparent Authority-correct-answer-Actual Authority - Given by the
principal to the agent; can be express or implied; oral or written.
Apparent Authority - When a third party reasonably assumes one is acting as an
agent to another.
Agent's duties to the principal-correct-answer-o The agent must place the
principal's interests before their own.
o The agent must be obedient to the terms laid out by the principal.
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o The agent must exercise reasonable care in performing duties.
o The agent must account for all funds and property that has been trusted in him.
o The agent must keep her principal informed of all facts relevant to the agency.
Three agencies have to be in writing.-correct-answer-(The answer choice about
only one being in writing is wrong)
Termination of Agencies-correct-answer-o Whenever parties choose to leave or
consent is no longer present.
o If a specific termination date is set.
o Certain events related to operation of law, for example, a member dies.
o Subject matter involved is destroyed (such as a house burning down)
At-will Employment-correct-answer-Under American law, employers are allowed
to fire their employees at any time (with exceptions), and employees are allowed
to leave their jobs at any time (unless they are under contract).
Breach of Duty-correct-answer-failure to do something you are legally responsible
for.
BLAW 3310 Test 3 Schwemer |
Comprehensive Questions With Answers
CHAPTER 14-correct-answer-
Agency by Operation of Law-correct-answer-Sometimes, an agent is unable to
reach the principal and has to make a rational decision quickly. This would be
legally acceptable.
An example would be an agent who is forced to buy $500 worth of plywood to
cover a principal's home during a hurricane, because they are unable to get in
contact with them.
Actual vs Apparent Authority-correct-answer-Actual Authority - Given by the
principal to the agent; can be express or implied; oral or written.
Apparent Authority - When a third party reasonably assumes one is acting as an
agent to another.
Agent's duties to the principal-correct-answer-o The agent must place the
principal's interests before their own.
o The agent must be obedient to the terms laid out by the principal.
, 2|Page
o The agent must exercise reasonable care in performing duties.
o The agent must account for all funds and property that has been trusted in him.
o The agent must keep her principal informed of all facts relevant to the agency.
Three agencies have to be in writing.-correct-answer-(The answer choice about
only one being in writing is wrong)
Termination of Agencies-correct-answer-o Whenever parties choose to leave or
consent is no longer present.
o If a specific termination date is set.
o Certain events related to operation of law, for example, a member dies.
o Subject matter involved is destroyed (such as a house burning down)
At-will Employment-correct-answer-Under American law, employers are allowed
to fire their employees at any time (with exceptions), and employees are allowed
to leave their jobs at any time (unless they are under contract).
Breach of Duty-correct-answer-failure to do something you are legally responsible
for.
