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Business Law Principles and Practices
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Principal-Agent, Employer-Employee, and Third-Party Relationships
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Business Law Principles and Practices
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Quiz 25 :
Principal-Agent, Employer-Employee, and Third-Party Relationships
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Quiz 25 :
Principal-Agent, Employer-Employee, and Third-Party Relationships
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An agent's implied authority is set out in the agency agreement.
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True False
Q01
Answer:
Answer:
False
A principal who ratifies an unauthorized contract is bound by its terms.
Free
True False
Q02
Answer:
Answer:
True
Express authority must be in writing to be effective.
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True False
Q03
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Answer:
False
A power of attorney is an example of express authority.
True False
Q04
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An agent has implied authority to perform any act necessary to carry out the principal's business.
True False
Q05
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The principal usually lists in writing all of the agent's duties.
True False
Q06
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A principal is liable only for acts the agent is authorized to perform.
True False
Q07
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A principal is liable for all torts committed by an agent.
True False
Q08
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An agent is never liable on contracts entered into for the principal.
True False
Q09
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An agent is liable if he or she acts for an undisclosed principal.
True False
Q10
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Even if he or she neglects to sign the principal's name on a contract, an agent is not liable on the contract.
True False
Q11
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A principal may ask an agent to assume equal liability on a contract.
True False
Q12
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A person who pretends to be an agent is not liable on any contract.
True False
Q13
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An agent is liable on a contract if the agent signs the principal's name.
True False
Q14
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A principal is not generally liable for an agent's crimes.
True False
Q15
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If a principal authorizes an agent to buy a tractor for $10,000, this is an example of
Multiple Choice
Q16
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A power of attorney is an example of
Multiple Choice
Q17
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An agent's scope of authority generally includes
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Q18
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If an agent has apparent authority, any contracts made are
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Q19
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The authority that an agent has because the principal leads third parties to believe that the agent has it is called
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Q20
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