Question 1

Which of the following refers to the agent's duty to act in the best interest of the principal?

Accepted Answer

A)   Loyalty
B)   Obedience
C)   Specific performance
D)   Notification
E)   AccountingF) C) and D)
G) B) and E)

Question 2

Agents may have both contract and tort remedies available against a principal.

Accepted Answer

A) True 
 B)False

Question 3

In Ackerman v. Sobol Family Partnership, LLP, the text case that discussed whether the plaintiffs were bound by representations of their attorney regarding settlement that they had not approved, which of the following was the result?

Accepted Answer

A)   The agreement entered into by plaintiffs' attorney would not be enforced because the plaintiffs had not lead the opposing defense attorneys reasonably to believe that the plaintiffs' attorney had full and final authority to settle the litigation.
B)   The agreement entered into by plaintiffs' attorney would not be enforced because the plaintiffs had not signed it.
C)   The agreement entered into by plaintiffs' attorney would not be enforced because the plaintiffs had not given the attorney express authority to enter into the agreement.
D)   The agreement would be enforced because the plaintiffs' attorney had express authority to enter into the agreement.
E)   The agreement would be enforced because the plaintiffs' attorney had apparent authority to enter into the agreement.F) A) and C)
G) B) and E)

Question 4

Under which of the following does a principal give an agent broad authority to sign legal documents on behalf of the principal?

Accepted Answer

A)   A general power of attorney
B)   A specific order of authority
C)   A localized legal empowerment
D)   A broad power of responeat superior
E)   A recognized power of orderF) C) and E)
G) A) and E)

Question 5

In non-contractual relationships, in order to force the principal to perform the contract, the agent may seek which of the following?

Accepted Answer

A)   Specific performance
B)   Specific recoupment
C)   Adequate performance
D)   Reformation
E)   Recover for services renderedF) B) and E)
G) B) and D)

Question 6

An agent may use the agency relationship to obtain property for himself or herself when the principal desired to obtain the same property.

Accepted Answer

A) True 
 B)False

Question 7

According to the text, under the duty of accounting, what does an agent owe the principal?

Accepted Answer

Under the duty of accounting, the agent ...

Question 8

In determining whether a worker is an independent contractor or an employee, which of the following areas of law will not be seriously affected?

Accepted Answer

A)   Tort law
B)   Wage law
C)   Discrimination law
D)   Tax law
E)   Constitutional lawF) A) and C)
G) B) and E)

Question 9

Barthalow agrees to go to work for Macy. In Barthalow's contract with Macy, Barthalow agrees to create a new computer program and Macy agrees to video the performance of the program that Barthalow creates. Barthalow completes the program, but Macy does not video the program. At this point, what court remedy is available to Barthalow?

Accepted Answer

A)   Specific performance
B)   Indemnification
C)   A demand for accounting
D)   Avoidance
E)   Recognition of rightsF) A) and B)
G) B) and E)

Question 10

[Overstock] Mark owns an electronic resale store. Before Mark left for the weekend, he told Charlie, an employee, not to purchase any more compact discs (CDs)  from customers because they were already having a difficult time selling the ones they had in stock. While Mark is gone, Charlie forgets Mark's instructions and buys nine CDs from customers.
-Which of the following statements is true regarding Charlie's liability to Mark?

Accepted Answer

A)   Charlie is not liable to Mark because he did not remember Mark's instructions.
B)   Mark may recover the cost of the nine CDs because Charlie did not follow his instructions.
C)   Charlie is not liable to Mark because he thought the purchase price of the CDs were exceptionally great.
D)   Charlie is not liable to Mark because he is his employee.
E)   Charlie is not liable to Mark because he believed Mark would have bought the CDs from the customer.F) B) and D)
G) All of the above

Exam 33: Agency Formation and Duties

In non-contractual relationships, in order to force the principal to perform the contract, the agent may seek which of the following?

Correct Answer
verified

Under which of the following does a principal give an agent broad authority to sign legal documents on behalf of the principal?

Correct Answer
verified

Correct Answer
verified

An agent may use the agency relationship to obtain property for himself or herself when the principal desired to obtain the same property.

Correct Answer
verified

According to the text, under the duty of accounting, what does an agent owe the principal?

Correct Answer
verified
Under the duty of accounting, the agent ...
View Answer

Correct Answer
verified

In determining whether a worker is an independent contractor or an employee, which of the following areas of law will not be seriously affected?

Correct Answer
verified

In Ackerman v. Sobol Family Partnership, LLP, the text case that discussed whether the plaintiffs were bound by representations of their attorney regarding settlement that they had not approved, which of the following was the result?

Correct Answer
verified

Agents may have both contract and tort remedies available against a principal.

Correct Answer
verified

Which of the following refers to the agent's duty to act in the best interest of the principal?

Correct Answer
verified

Exam 33: Agency Formation and Duties

In non-contractual relationships, in order to force the principal to perform the contract, the agent may seek which of the following?

Correct AnswerverifiedShow Answer

Under which of the following does a principal give an agent broad authority to sign legal documents on behalf of the principal?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

An agent may use the agency relationship to obtain property for himself or herself when the principal desired to obtain the same property.

Correct AnswerverifiedShow Answer

According to the text, under the duty of accounting, what does an agent owe the principal?

Correct AnswerverifiedUnder the duty of accounting, the agent ...View AnswerShow Answer

Correct AnswerverifiedShow Answer

In determining whether a worker is an independent contractor or an employee, which of the following areas of law will not be seriously affected?

Correct AnswerverifiedShow Answer

In Ackerman v. Sobol Family Partnership, LLP, the text case that discussed whether the plaintiffs were bound by representations of their attorney regarding settlement that they had not approved, which of the following was the result?

Correct AnswerverifiedShow Answer

Agents may have both contract and tort remedies available against a principal.

Correct AnswerverifiedShow Answer

Which of the following refers to the agent's duty to act in the best interest of the principal?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Under the duty of accounting, the agent ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified