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

Adya loaned $300 from Olga to buy a phone. He gave Olga the authority to sell his music system if he failed to pay her back $300. He failed to pay back the loan as promised. Under these circumstances, _____.

One of the duties generally imposed on the principal by the common law is the duty to:

Which of the following is true of an agent's duty to obey a principal's instructions?

Which of the following is true of real estate commissions?

According to the doctrine of agency at will, _____.

The agency at will doctrine stems from the judicial reluctance to force people to continue personal relationships against their will.

With regard to the principal's duty to compensate the agent, explain the procuring cause rule.

What is the distinction between a commercial agent and a non-agent? How is a commercial agent distinguishable from a sales representative?

Explain the concepts "agency at will" and "agency coupled with an interest."

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:

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

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 _____.

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

To avoid being bound by the acts of the agent after the agency has ended, the principal:

An agent's fiduciary duty of loyalty to her principal can be eliminated by an agreement between the parties.

A court may find that there is an agency relationship even though the parties have expressly agreed that they do not intend to create one.

Agency relationships are usually formed by contract.

Agents breach their duty of loyalty by buying for the principal from themselves even if they charge a fair price. Which of the following common law duties of an agent does this violate?

The duty of loyalty demands that the agent avoid even the appearance of impropriety.

When an agent breaches a duty owed to the principal, the agent may: