According to the Law of Agency, the principal is a) employer of the agent b) employee of the agent c) subordinate of the agent d) enemy of the agent.
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According to the Law of Agency, the principal is a) employer of the agent b) employee of the agent c) subordinate of the agent d) enemy of the agent.
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- Who is an agent and what are the duties of an agent? How does the principle of vicarious liability affect the principal/agent relationship? What is the nature of the authority that can be granted to a duly appointed agent?Which type of agent is not liable for a breach of contract by his principal: a. undisclosed agent b. partially disclosed agent c. fully disclosed agent d. all of the aboveThe fiduciary responsibilities expected of an agent include all the following except O good faith O availability O fidelity O loyalty
- How does the principle of vicarious liability affect the principal/agent relationship? What is the nature of the authority that can be granted to a duly appointed agent?Vicarious performance is where a. a third party performs an obligation in place of another person who is ultmately liable for a proper performance b. an employee performs an obligation inplace of another employee and the performing employee is liable for proper performance c. parties to a contract enter into another agreement that has the effect of transferring the liability to perform to a third party d. an employer performs an obligation in place of its employee and is liable for proper performance e. parties to a contract agree to terminate a contract and substitute a new contract in place of the old one.In duty to compensate the agent owes to pay an agreed-upon amount to the principal Select one True False
- Agency problem arises due to the divergence or divorce of interest between the principal and the agent. Discuss shareholders-management agency relationship, conflict and resolutionStatement I: If an agent acts in his name, the principal shall have a right of action against the persons with whom the agent has contracted. Statement II: Should there be a stipulation that the agent shall advance the necessary funds, he shall be bound to do so even if the principal is insolvent. Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false.Employee benefits are all forms of monetary consideration given by an entity in exchange for services rendered by employees or for the termination of employment. a. TRUE b. FALSE
- In which of the following instances does Entity A have control over Entity B? A. Entity A and Entity B both have unilateral rights in directing the relevant activities of Entity B. Entity A’s rights are considered protective rights. B. Entity A’s right to direct Entity B’s relevant activities is exercisable only upon the occurrence of a contingency. C. Entity A has the right to direct the relevant activities of Entity B but only in accordance with the directives of Entity C. D. Entity A holds a 30-day forward contract to buy a majority of Entity B’s voting rights. The contract can be cancelled in a shareholders meeting. A Shareholders meeting will be held in 3 months’ time.What is the difference between a principal and an agent?employee’s employment as a result of either: I. An entity’s decision to terminate an employee’s employment before the normal retirement date. II. An employee’s decision to accept an offer of benefits in exchange for the termination of employment. III. An employee’s decision to terminate an employee’s employment before the normal retirement date. IV. An entity’s decision to accept an offer of benefits in exchange for the termination of employment. III and IV I and III II and IV I and II
