GBL 385 Final Exam - Molesky; Questions and Answer 100% Solved
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Course
GBL 385
Institution
GBL 385
GBL 385 Final Exam - Molesky; Questions and
Answer 100% Solved
agency Correct answer-fiduciary relationship between 2 persons in which
one acts on behalf of the other
types of agency relationships Correct answer-principal --> agent
employer --> employee
employer --> independent co...
GBL 385 Final Exam - Molesky; Questions and
Answer 100% Solved
agency Correct answer-fiduciary relationship between 2 persons in which
one acts on behalf of the other
types of agency relationships Correct answer-principal --> agent
employer --> employee
employer --> independent contractor
principal --> agent Correct answer-principal gives the agent expressed or
actual authority to act on the former's behalf
expressed authority Correct answer-arises from specific statements made
by the principal to the agent
actual authority Correct answer-includes expressed authority and implied
authority
implied authority Correct answer-customarily given to an agent in an
industry, trade, or profession
, GBL 385 Final Exam - Molesky; Questions and
Answer 100% Solved
employer --> employee Correct 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 Correct 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 Correct 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: Correct
answer--whether agent had distinct occupation
-whether agent supplied own tools
-whether agent was employed for specific time
-whether agent was paid hourly or on completion of job
-what degree of skill was required to do the job
, GBL 385 Final Exam - Molesky; Questions and
Answer 100% Solved
agency through ratification by principal Correct 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 Correct answer--duty of compensation
-duty of reimbursement & indemnification
-duty of cooperation
-duty to provide safe working conditions
-duty of loyalty
duty of compensation Correct answer-implied that principal will
compensate the agent for services rendered
-contingency fee
contingency fee Correct answer-agent's compensation that consists of a %
of amount agent secured for principal in business transaction
, GBL 385 Final Exam - Molesky; Questions and
Answer 100% Solved
duty of reimbursement & indemnification Correct answer-indemnity:
principal's obligation to reimburse agent for any losses agent incurs while acting
on principal's behalf
duty of cooperation Correct 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 Correct 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 Correct 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 Correct answer--duty of obedience
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