Question 1

Any property, money, or other benefit received by the agent in the course of an agency belongs to the principal.

Accepted Answer

A) True 
 B)False

Question 2

A client hires a lawyer as an independent contractor to represent her in a civil lawsuit against a defendant to recover monetary damages. If the client authorizes the lawyer to settle a case within a certain dollar amount and the lawyer does so, which of the following would be true?

Accepted Answer

A)  The agreement is invalid after the lawyer's contract with the principal terminates. 
B)  The agreement is void because independent contractors cannot enter into contracts. 
C)  The agreement is binding only when there is no financial settlement involved. 
D)  The settlement agreement is binding for the client. 
A)  The agreement is invalid after the lawyer's contract with the principal terminates. 
B)  The agreement is void because independent contractors cannot enter into contracts. 
C)  The agreement is binding only when there is no financial settlement involved. 
D)  The settlement agreement is binding for the client.

Question 3

An agency, that occurs when a principal and an agent do not expressly create an agency but it is inferred from the conduct of the parties, is known as a(n)________.

Accepted Answer

The answer of An agency, that occurs when a principal...

Question 4

The principal is obliged to perform the contract made with a third-party.

Accepted Answer

A) True 
 B)False

Question 5

What is imputed knowledge?

Accepted Answer

A)  information collected by a principal prior to engaging in an agency 
B)  information collected by a principal on an agency 
C)  information learned by an agent that is attributed to the principal 
D)  information learned by a principal that is attributed to an agent 
A)  information collected by a principal prior to engaging in an agency 
B)  information collected by a principal on an agency 
C)  information learned by an agent that is attributed to the principal 
D)  information learned by a principal that is attributed to an agent

Question 6

A party who employs another person to act on his or her behalf is known as a(n)________.

Accepted Answer

The answer of A party who employs another person to...

Question 7

The duty of loyalty is a fiduciary duty owned by an agent not to act adversely to the interests of the principal.

Accepted Answer

A) True 
 B)False

Question 8

An independent contractor cannot represent more than one principal at a time.

Accepted Answer

A) True 
 B)False

Question 9

For an implied agency to function, implied authority cannot conflict with express authority.

Accepted Answer

A) True 
 B)False

Question 10

What is vicarious liability?

Accepted Answer

A)  non-liability 
B)  liability for multiple torts 
C)  liability without knowledge 
D)  liability without fault 
A)  non-liability 
B)  liability for multiple torts 
C)  liability without knowledge 
D)  liability without fault

Question 11

Gerard wants to get some land cleared in Texas. With the help of a consulting agency, he hires Carlos, an independent contractor. Carlos procures dynamite from a legitimate dealer, to be used in clearing the land. However, the explosion of dynamite causes cracks to appear in the outer walls of a nearby house. Who is liable to the owner of the damaged house?

Accepted Answer

A)  Gerard 
B)  Carlos 
C)  both Gerard and Carlos 
D)  the consulting agency 
A)  Gerard 
B)  Carlos 
C)  both Gerard and Carlos 
D)  the consulting agency

Question 12

A principal is not bound to contracts made by an apparent agency.

Accepted Answer

A) True 
 B)False

Any property, money, or other benefit received by the agent in the course of an agency belongs to the principal.

A client hires a lawyer as an independent contractor to represent her in a civil lawsuit against a defendant to recover monetary damages. If the client authorizes the lawyer to settle a case within a certain dollar amount and the lawyer does so, which of the following would be true?

An agency, that occurs when a principal and an agent do not expressly create an agency but it is inferred from the conduct of the parties, is known as a(n)________.

The principal is obliged to perform the contract made with a third-party.

What is imputed knowledge?

A party who employs another person to act on his or her behalf is known as a(n)________.

The duty of loyalty is a fiduciary duty owned by an agent not to act adversely to the interests of the principal.

An independent contractor cannot represent more than one principal at a time.

For an implied agency to function, implied authority cannot conflict with express authority.

What is vicarious liability?

A principal is not bound to contracts made by an apparent agency.

Legal Heritage and the Digital Age

Ethics and Social Responsibility of Business

Courts, Jurisdiction, and Administrative Agencies

Judicial, Alternative, and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Formation of Traditional and E-Contracts

Performance and Breach of Traditional and E-Contracts

E-Commerce and Digital Law

UCC Sales and Lease Contracts and Warranties

Credit, Secured Transactions, and Bankruptcy

Small Business and General and Limited Partnerships

Limited Liability Companies, Limited Liability Partnerships, and Special Forms of Business

Corporations and the Sarbanes-Oxley Act

Investor Protection, E-Securities, and Wall Street Reform

Equal Opportunity in Employment

Employment Law and Worker Protection

Labor Law and Immigration Law

Antitrust Law and Unfair Trade Practices

Consumer Protection

Environmental Protection

Land Use Regulation and Real Property

International and World Trade Law

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Exam 18: Agency Law

Any property, money, or other benefit received by the agent in the course of an agency belongs to the principal.

A client hires a lawyer as an independent contractor to represent her in a civil lawsuit against a defendant to recover monetary damages. If the client authorizes the lawyer to settle a case within a certain dollar amount and the lawyer does so, which of the following would be true?

An agency, that occurs when a principal and an agent do not expressly create an agency but it is inferred from the conduct of the parties, is known as a(n)________.

The principal is obliged to perform the contract made with a third-party.

What is imputed knowledge?

A party who employs another person to act on his or her behalf is known as a(n)________.

The duty of loyalty is a fiduciary duty owned by an agent not to act adversely to the interests of the principal.

An independent contractor cannot represent more than one principal at a time.

For an implied agency to function, implied authority cannot conflict with express authority.

What is vicarious liability?

A principal is not bound to contracts made by an apparent agency.

Legal Heritage and the Digital Age

Ethics and Social Responsibility of Business

Courts, Jurisdiction, and Administrative Agencies

Judicial, Alternative, and E-Dispute Resolution

Constitutional Law for Business and E-Commerce

Torts and Strict Liability

Criminal Law and Cyber Crimes

Intellectual Property and Cyber Piracy

Formation of Traditional and E-Contracts

Performance and Breach of Traditional and E-Contracts

E-Commerce and Digital Law

UCC Sales and Lease Contracts and Warranties

Credit, Secured Transactions, and Bankruptcy

Small Business and General and Limited Partnerships

Limited Liability Companies, Limited Liability Partnerships, and Special Forms of Business

Corporations and the Sarbanes-Oxley Act

Investor Protection, E-Securities, and Wall Street Reform

Equal Opportunity in Employment

Employment Law and Worker Protection

Labor Law and Immigration Law

Antitrust Law and Unfair Trade Practices

Consumer Protection

Environmental Protection

Land Use Regulation and Real Property

International and World Trade Law

Filters