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LS Ch 32 T/F

A fiduciary relationship allows the parties to avoid obligations without liability.
F
A corporate officer is not an agent for the corporation.
F
An officer of a corporation cannot possess the power to bind the corporation.
F
An agent is authorized to act on behalf of a principal in doing business with third parties
T
An employee may act in the capacity of an agent.
T
A fiduciary relationship involves trust and confidence.
T
An independent contractor’s physical conduct is controlled, or subject to control, by his or her employer.
F
An agency relationship does not exist outside employer-employee relationships.
F
Building subcontractors are not independent contractors.
F
Employees who deal with third parties are agents of their employers.
T
An independent contractor is an employer who controls his or her agent’s performance.
F
An employee may not act in the capacity of an agent.
F
All employment laws apply to independent contractors
F
An independent contractor may act in the capacity of an agent
T
Agency relationships exist only outside employment relationships.
F
An independent contractor always acts in the capacity of an agent.
F
An agency relationship can be formed without consideration.
T
A minor cannot be appointed as an agent
F
A minor can be an agent.
T
An agency relationship cannot exist in the absence of a formal agreement.
F
There does not need to be a written agreement between two parties to create an agency relationship.
T
An agency relationship may be created for any legal purpose.
T
. A principal may deny the existence of an agency relationship whenever it suits his or her purpose.
F
A licensed professional can employ an unlicensed agent to perform professional actions.
F
An agent owes his or her principal a duty to act in good faith.
T
An agency relationship may be created for any illegal purpose.
F
An agent must use reasonable diligence and skill in acting on behalf of his or her principal.
T
A principal can ratify an agreement made without authorization on his or her behalf by one who is not his or her agent.
T
Information acquired through an agency relationship is confidential.
T
A principal who causes a third person to believe that another person is the principal’s agent can be estopped from denying the agency relationship.
T
An agent must maintain separate accounts for the principal’s funds and the agent’s personal funds
T
An agency relationship may not occur by operation of law in a family.
F
A principal owes an agent a duty of ratification.
F
An agent can take advantage of an agency relationship to make a “secret” profit.
F
Generally, a principal has a duty to pay an agent for services rendered.
T
A principal owes an agent a duty of accounting.
F
A principal has a duty to cooperate with the agent.
T
If an agency relationship is contractual, the agent may have a right to specific performance.
T
If a principal breaches a duty owed to an agent, an agent may withhold performance and demand an accounting.
T
If an agent breaches the agency agreement, the principal may avoid the contract.
T

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