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GBL 385 Final Exam – Molesky Questions With Correct Answers $11.49   Add to cart

Exam (elaborations)

GBL 385 Final Exam – Molesky Questions With Correct Answers

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  • GBL 385
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  • GBL 385

GBL 385 Final Exam – Molesky Questions With Correct Answers Agency - answerfiduciary relationship between 2 persons in which one acts on behalf of the other types of agency relationships - answerprincipal --> agent employer --> employee employer --> independent contractor principa...

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  • August 17, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • GBL 385
  • GBL 385
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BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM



GBL 385 Final Exam – Molesky Questions
With Correct Answers


Agency - answer✔✔fiduciary relationship between 2 persons in which one acts on behalf of the
other

types of agency relationships - answer✔✔principal --> agent
employer --> employee
employer --> independent contractor

principal --> agent - answer✔✔principal gives the agent expressed or actual authority to act on
the former's behalf

expressed authority - answer✔✔arises from specific statements made by the principal to the
agent

actual authority - answer✔✔includes expressed authority and implied authority

implied authority - answer✔✔customarily given to an agent in an industry, trade, or profession

employer --> employee - answer✔✔agent who works for pay and is subject to the control of the
principal may enter into contractual relationships on the latter's behalf

respondent superior - answer✔✔imposes liability on a principle for torts committed by an agent
employed by him or her and subject to his or her control

employer --> independent contractor - answer✔✔agent is hired but he principal to do a specific
job but is not controlled with respect to:
-physical conduct
-details of work performance

determine whether an agent is an independent contractor by: - answer✔✔-whether agent had
distinct occupation
-whether agent supplied own tools
-whether agent was employed for specific time

, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
-whether agent was paid hourly or on completion of job
-what degree of skill was required to do the job

agency through ratification by principal - answer✔✔conditions for a ratification to be effective:
-principal must have full knowledge of agent's action
-existence of principal must be clear to 3rd part at time of agent's unauthorized act

principals duties to agent - answer✔✔-duty of compensation
-duty of reimbursement & indemnification
-duty of cooperation
-duty to provide safe working conditions
-duty of loyalty

duty of compensation - answer✔✔implied that principal will compensate the agent for services
rendered
-contingency fee

contingency fee - answer✔✔agent's compensation that consists of a % of amount agent secured
for principal in business transaction

duty of reimbursement & indemnification - answer✔✔indemnity: principal's obligation to
reimburse agent for any losses agent incurs while acting on principal's behalf

duty of cooperation - answer✔✔principal must do nothing to interfere with reasonable conduct
of agent as agreed upon in an express or implied contract

duty to provide safe working conditions - answer✔✔Employers who repeatedly violate standards
set by the Occupational Safety and Health Act (OSHA) may be fined or imprisoned or both

duty of loyalty - answer✔✔-acting on behalf of one principal to avoid conflicts of interest
-communicating all material info to principal
-refraining from acting in a manner adverse to principal's interest

agents duties to principal - answer✔✔-duty of obedience
-duty of accounting
-duty of performance

duty of obedience - answer✔✔following principal's reasonable and lawful instructions

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