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Principal-Agent, Employer-Employee, and Third-Party Relationships
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Business Law Principles and Practices

Business

Quiz 25 :
Principal-Agent, Employer-Employee, and Third-Party Relationships

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.
Free
True False
Answer:

Answer:

False

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A principal who ratifies an unauthorized contract is bound by its terms.
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True False
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Answer:

True

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Express authority must be in writing to be effective.
Free
True False
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Answer:

False

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A power of attorney is an example of express authority.
True False
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An agent has implied authority to perform any act necessary to carry out the principal's business.
True False
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The principal usually lists in writing all of the agent's duties.
True False
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A principal is liable only for acts the agent is authorized to perform.
True False
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A principal is liable for all torts committed by an agent.
True False
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An agent is never liable on contracts entered into for the principal.
True False
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An agent is liable if he or she acts for an undisclosed principal.
True False
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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
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A principal may ask an agent to assume equal liability on a contract.
True False
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A person who pretends to be an agent is not liable on any contract.
True False
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An agent is liable on a contract if the agent signs the principal's name.
True False
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A principal is not generally liable for an agent's crimes.
True False
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If a principal authorizes an agent to buy a tractor for $10,000, this is an example of
Multiple Choice
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A power of attorney is an example of
Multiple Choice
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An agent's scope of authority generally includes
Multiple Choice
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If an agent has apparent authority, any contracts made are
Multiple Choice
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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
Multiple Choice
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