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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
control and supervise
C
alter legal relations
D
none of these
2) The person who authorizes another in an agency relationship is the
A
third party
B
agent
C
principal
D
employee
3) Any agreement reached by the representative in an agency relationship binds
A
the agent and the third party
B
the principal and the third party
C
the employee and the third party
D
the agent and the principal
4) The range of acts authorized by the principal is
A
fiduciary duty
B
the warranty of the principal's capacity
C
the scope of authority
D
none of these
5) Examples of fiduciary duties would not include
A
finances
B
confidentiality
C
loyalty and obedience
D
accounting
6) A warranty of the principal's capacity is imposed by law on the
A
third party
B
employer
C
principal
D
agent
7) Direct communication by the principal to the agent whether oral or written is
A
an implied authority
B
an express authority
C
an apparent authority
D
none of these
8) When the principal's words or conduct create an authority, it is called
A
an implied authority
B
an express authority
C
an apparent 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
express authority
B
apparent authority
C
power of attorney
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
Because he is a minor, Grant can not act as either a principal or agent
B
A third-party agent can not be held liable because Grant lacks contractual capacity as a principal
C
None of these is true
D
Even though he lacks contractual capacity, Grant can be a principal or can act through an agent
11) The fiduciary duty that binds the agent even years after the agency relationship has ended is
A
confidentiality
B
accounting
C
loyalty and obedience
D
care and skill
12) The principal has an obligation to the agent to
A
reimburse expenses
B
all of these
C
repay any losses suffered due to the principal's instructions
D
pay what was promised
13) The power, but not the right to eliminate the agency at any time goes to
A
both the agent and the principal
B
the agent
C
the principal
D
none of these
14) An agency may be terminated by
A
a change of law
B
all of these
C
bankruptcy
D
an agreement
15) If an agent mixes his funds with that of his principal, what fiduciary duty has the agent violated?
A
confidentiality duty
B
commingling duty
C
duty of accounting
D
duty to communicate
16) Which of the following as an agent's core duty to a principal?
A
duty of loyalty and obedience
B
duty of confidentiality
C
duty to communicate
D
duty of accounting
17) Employment relationship can be established without
A
supervision and control
B
contract to pay
C
all of these
D
length of term
18) A common element for an employee and an independent contractor would be
A
supervision and control
B
all of these
C
a contract to pay
D
a length of term
19) Employment contract terms can be derived from
A
express agreements
B
state and federal laws
C
all of these
D
implied agreements
20) Employees that can be discharged at any time are
A
employees working at will
B
none of these
C
employees working for a specific term
D
public employees
*select an answer for all questions
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