Exam 23: The Agency Relationship-Creation, duties, and Termination

When the principal is trying to avoid being bound by the acts of the agent after the agency has ended,constructive notice is sufficient for:

Normally,a duty to pay the agent is implied unless special circumstances or the relationship of the parties suggests that a gratuitous agency was intended.

Which of the following is true of real estate commissions?

A gratuitous agent is one who:

If no time or event is specified explaining when the agency relationship will end,the agency:

Discuss an agent's duty to communicate information to the principal.When is this duty considered to be violated?

Most agency rules spring from:

An agency relationship:

A person may act as a dual agent:

The legal effect of the agent's action on behalf of the principal is usually the same as if the principal had done the act.

Vlad,as agent,is paid $5,000 owed by a debtor of Lee,Vlad's principal.Instead of giving it immediately to Lee,Vlad invests it in the stock market.Luckily,the market price of that particular stock rises to $10,000 before Lee learns of the wrongdoing.Under these circumstances,_____.

Discuss the capacity required for an agent to be contracted as a principal or an agent.

A duty imposed on the agent by the common law generally includes the:

Agents who are under the control of their employer or principal as to both the objective of their work and the means used to achieve it are _____.

A substantial change in market values or business conditions that affects the subject of the agency ends it if a reasonable agent would believe that termination is desired by the principal.

A real estate broker was hired as a rental agent for a house.The house burnt down due to accidental causes.In these circumstances,the _____.

When the parties do not agree on the duration of the agency and the agent has incurred substantial expenses in completing the agency,a court will likely hold that:

Under the "procuring cause" rule,when the agent is the primary factor in a purchase,the agent _____.

A person has the capacity to act as an agent only if he/she has the legal capacity to contract.

An agent may be able to bind the principal on contracts with third persons after termination of the agency if the third person is unaware that the agency has ended.