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Unit 5 Review 21-40
Test Description: Unit 5 Review Part 2
Instructions: Answer all questions to get your test result.
1) The relationship of agency exists when one person has the authority to
A
both control and supervise
B
alter legal relations
C
control and supervise
D
none of these
2) The person who authorizes another in an agency relationship is the
A
agent
B
employee
C
principal
D
third party
3) Any agreement reached by the representative in an agency relationship binds
A
the agent and the principal
B
the principal and the third party
C
the employee and the third party
D
the agent and the third party
4) The range of acts authorized by the principal is
A
fiduciary duty
B
none of these
C
the warranty of the principal's capacity
D
the scope of authority
5) Examples of fiduciary duties would not include
A
finances
B
loyalty and obedience
C
confidentiality
D
accounting
6) A warranty of the principal's capacity is imposed by law on the
A
employer
B
agent
C
third party
D
principal
7) Direct communication by the principal to the agent whether oral or written is
A
an implied authority
B
an express authority
C
none of these
D
an apparent authority
8) When the principal's words or conduct create an authority, it is called
A
an express authority
B
an apparent authority
C
an implied authority
D
none of these
9) Savannah wrote a letter to Dusty giving him the authority to buy and sell stocks on her behalf. What was, in fact, created in this situation?
A
power of attorney
B
express authority
C
apparent authority
D
both express authority and power of attorney
10) Grant is a high school basketball player. Although he is a minor, he wants to enter into contract negotiations with colleges. In this situation, which of these statements is true?
A
None of these is true
B
Even though he lacks contractual capacity, Grant can be a principal or can act through an agent
C
A third-party agent can not be held liable because Grant lacks contractual capacity as a principal
D
Because he is a minor, Grant can not act as either a principal or agent
11) The fiduciary duty that binds the agent even years after the agency relationship has ended is
A
care and skill
B
accounting
C
loyalty and obedience
D
confidentiality
12) The principal has an obligation to the agent to
A
pay what was promised
B
reimburse expenses
C
repay any losses suffered due to the principal's instructions
D
all of these
13) The power, but not the right to eliminate the agency at any time goes to
A
the agent
B
the principal
C
both the agent and the principal
D
none of these
14) An agency may be terminated by
A
a change of law
B
bankruptcy
C
an agreement
D
all of these
15) If an agent mixes his funds with that of his principal, what fiduciary duty has the agent violated?
A
commingling duty
B
duty to communicate
C
confidentiality duty
D
duty of accounting
16) Which of the following as an agent's core duty to a principal?
A
duty of confidentiality
B
duty of accounting
C
duty to communicate
D
duty of loyalty and obedience
17) Employment relationship can be established without
A
contract to pay
B
length of term
C
all of these
D
supervision and control
18) A common element for an employee and an independent contractor would be
A
a length of term
B
all of these
C
a contract to pay
D
supervision and control
19) Employment contract terms can be derived from
A
implied agreements
B
express agreements
C
all of these
D
state and federal laws
20) Employees that can be discharged at any time are
A
employees working at will
B
employees working for a specific term
C
public employees
D
none of these
*select an answer for all questions
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