Renunciation of Authority - ️️The act by which a person abandons a right acquired
without transferring it to another.
Power of Attorney - ️️An instrument by which one person appoints another as his
agent and confers upon him the authority to perform certain specified acts on behalf of
t...
BUL 3310 Exam 3 FSU Woodyard
Renunciation of Authority - ✔️✔️The act by which a person abandons a right acquired
without transferring it to another.
Power of Attorney - ✔️✔️An instrument by which one person appoints another as his
agent and confers upon him the authority to perform certain specified acts on behalf of
the principal. Power revoked at death.
Actual Authority - ✔️✔️Authority an agent actually possesses. Maybe expressed or
implied.
Agency - ✔️✔️Relations in which one person, the agent, acts on behalf of another, the
principal.
Agency by Estoppel or Apparent Authority - ✔️✔️Arises where an agent has no actual
authority, but the principal leads third parties to believe the agent may act on his behalf.
Agent - ✔️✔️One who acts for the benefit of another.
Disclosed Principal - ✔️✔️If the parties have notice they are working for an agent who
is employed by a principal.
Duties - ✔️✔️Obligatory conduct owed by one person to another person.
Employee - ✔️✔️One who works for another under an express or implied contract. The
employer has control over the conduct of the employee.
Express Authority - ✔️✔️When an agent is expressly authorized to act on behalf of the
principal through either written or oral communication.
Fiduciary - ✔️✔️A person having a legal duty to act primarily for the benefit of another.
Implied Authority - ✔️✔️Actual authority implied from the circumstances.
Independent Contractor - ✔️✔️One who is not an employee. He retains in himself the
means of producing the result.
Loyalty - ✔️✔️Faithfulness to one's office. A duty owed by an agent to a principal.
,Master-Servant (employer) relationship - ✔️✔️Employer-employee relationship; the
relation that develops from an express or implied employment contract.
Partnership - ✔️✔️An association of two or more persons to carry on as co-owners a
business for profit.
Principal - ✔️✔️One who has permitted another to act for his benefit and subject to his
directions or control.
Ratification - ✔️✔️A voluntary election to adopt an act purportedly done on one's
behalf and to treat the act as originally authorized by that person.
Respondeat Superior - ✔️✔️When an employer is acting through an agent, and tort
liability is incurred, the employer is responsible.
Subagent - ✔️✔️A party to whom an agent delegates his or her authority.
Undisclosed Prinicpal - ✔️✔️If another party has no notice that an agent is acting for a
principal.
Corporate activity could be carried on without the concept of agency. t/f - ✔️✔️False
A general agent has authority to alter the principal's legal relationships with third parties.
t/f - ✔️✔️True
A power of attorney can only be held by an attorney at law. t/f - ✔️✔️False
Independent contractors are subject to more control over their physical conduct than are
employees. t/f - ✔️✔️False
Oral agency contracts are invalid. t/f - ✔️✔️False
Principals owe fiduciary duties to agents. t/f - ✔️✔️False
Workers' compensation payments are limited to situations where an employee is injured
in a work-related activity. t/f - ✔️✔️True
The negligence of a covered employee injured in the course and scope of employment
does not affect his workers' compensation benefits. - ✔️✔️True
, Agency relationships do not necessarily have to be contractual. - ✔️✔️True, implied
agency
P hires A to locate a ready, willing, and able buyer to buy a certain piece of real property
for $10,000 cash. The agency agreement is in writing and is to last for a
period of six months. - ✔️✔️A is a special agent
A is hired by an insurance company to be its general agent in a specific geographic
area. A, in turn, hires agents to conduct insurance business. Which of the following is
false? - ✔️✔️For legal purposes, the agents hired by A are agents of the general agent
but not agents of the principal.
Jones is employed as a mechanic at Smith's garage. Smith expressly tells Jones not to
work on foreign cars, since Jones does not possess the requisite experience.
Nevertheless, Jones proceeds to work on a foreign car and while doing so is severely
injured. - ✔️✔️Jones is entitled to workers' compensation benefits since he was injured
during the course and scope of employment.
Brown hires Able to build a porch on the back of his house. Able is responsible for the
final product and uses his own tools, equipment, and materials to construct the porch. In
this situation Able is - ✔️✔️an independent contractor
P hires A to purchase a certain tract of property. Unknown to P, A has an option to
purchase the tract. A exercises his option and in turn obtains the tract of property for P
and receives a commission. - ✔️✔️A is not entitled to keep the commission since he
has breached his fiduciary duty owed to P.
If unforeseen circumstances arise, the agent may do what is reasonably necessary only
if he communicates with the principal. t/f - ✔️✔️False
Express authority must be in writing. t/f - ✔️✔️False
Apparent authority can be based on prior business transactions. t/f - ✔️✔️True
When an agent such as a general manager is fired, notice should be given to all
customers. t/f - ✔️✔️True
Ratification by a principal usually relates back to the time of the agent's acts. t/f -
✔️✔️True
Ratification can be express or implied, but consideration is required. t/f - ✔️✔️False
A principal is not liable if he delegates an act to an agent. t/f - ✔️✔️False
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
