Chapter 35 - The Agency Relationship

Chapter 35 - The Agency Relationship

9 Qs

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Chapter 35 - The Agency Relationship

Chapter 35 - The Agency Relationship

Assessment

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Practice Problem

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Created by

Eric Sader

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9 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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Agency is a contract in which an agent is authorized to act on behalf of, and under the control of, a principal.

True
False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

All employees are agents, and all agents are employees.

True
False

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Agents may bind a principal on the basis of apparent authority.

True
False

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Agency may be created unintentionally.

True
False

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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All duties are delegable.

True
False

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

An agent’s duty of confidentiality continues after the agency ends.

True
False

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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Agency is a fiduciary relationship.

True
False

8.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

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Principals have the following duties to agent:

Compensate
Reimburse
Indemnify
All

9.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

Media Image

Manuel asked his friend Sunil, a good salesman, to sell his car and Sunil agreed. Does an agency relationship exist?

Yes, Sunil is an agent.
Yes, if there is a written contract.
No, friends cannot be in agency.
No, unless Sunil ultimately sells the car.