Home >> Flashcards >> Business >> chapter 30
Shared Flashcard Set
Cards
Term
Which, if any of the following are duties of an agent to the principal? A) Accountability B) Loyalty C) Performance D) Notification E) Obidience |
|
Definition
A) yes B) yes C) yes D) yes E) yes Reimbursement..NO!!!! |
|
|
Term
What name is given to describe an agents duty to perform in accordance with the terms of the agency agreement? |
|
Definition
|
|
Term
Can the agents duty of notification be described as a duty to notify the principal about any material information the agent learns relative to the subject matter of the agency? |
|
Definition
Yes *No notification to 3rd party. |
|
|
Term
Is information that becomes available to the agent imputed to the principal? |
|
Definition
|
|
Term
Generally, if an angent competes with the principal, has the agent breached his duty of performance? |
|
Definition
No, breached duty of loyalty |
|
|
Term
What distinguishes the principals duties of reimbursement and indemnification? |
|
Definition
Losses suffered by an agent. |
|
|
Term
Does the degree to which an agent discloses an agency relationship affect the agents liability only? |
|
Definition
Yes. (contract liability) |
|
|
Term
Why is the agent able to be held liable on a contract when the existence of the agency arrangement has not been disclosed? |
|
Definition
Because 3rd party could rely upon the reputation only the agent when entering contract. |
|
|
Term
What is the significance of a 'frolic or detour?" |
|
Definition
Determines whether employer is liable for negligence tort of the employee |
|
|
Term
Does the principal's duty of cooperation require the principal to assist the agent and not interfere with the agent in the performance of his duties? |
|
Definition
|
|