Principles of Agency and Responsibilities Quiz

Test your knowledge of agency law with questions on fiduciary duties, authority types, ratification, and more. Explore the fundamentals of agency law!

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Which of the following is not a fiduciary duty of an agent?

Loyalty

Obedience

Disclosure

Defamation

2 answered

What is the minimum age requirement to be an agent?

2 answered

In agency law, what does 'ratification' refer to?

The termination of agency by the principal

The process of granting authority to an agent

The acceptance of an agent's unauthorized act by the principal

The transfer of agency from one agent to another

2 answered

Which of the following is a type of authority that an agent may possess?

Implied Authority

Inherent Authority

Inferior Authority

Inclusive Authority

2 answered

What is the difference between actual authority and apparent authority in agency law?

Actual authority is explicitly given by the principal, while apparent authority is inferred based on the agent's actions.

Actual authority is inferred based on the agent's actions, while apparent authority is explicitly given by the principal.

Actual authority is authority that exists only on paper, while apparent authority is the real power an agent holds.

Actual authority is authority that exists due to a written contract, while apparent authority arises from verbal agreements.

2 answered

What is the doctrine of respondeat superior in agency law?

It holds the agent personally responsible for their actions.

It holds the principal responsible for the agent's actions performed within the scope of employment.

It allows the agent to act on behalf of multiple principals simultaneously.

It limits the liability of the principal in agency relationships.

2 answered

What is the difference between a general agent and a special agent?

A general agent has authority to act on behalf of the principal in a wide range of matters, while a special agent has limited authority for specific tasks.

A general agent is appointed by the principal, while a special agent is self-appointed.

A general agent has limited authority, while a special agent has authority to act in all matters.

A general agent represents multiple principals, while a special agent represents only one principal.

2 answered

What is the doctrine of undisclosed principal in agency law?

It holds the agent personally liable for contracts entered into on behalf of the principal.

It allows the principal to remain anonymous in a contract entered into by the agent.

It requires the agent to disclose all relevant information to the principal.

It prohibits the agent from acting on behalf of multiple principals simultaneously.

2 answered

Under agency law, when can an agent bind the principal in a contract?

Only with express authority

Only with implied authority

Only with apparent authority

With any of the above types of authority

2 answered

#10

Which of the following is an example of a disclosed principal?

The agent enters into a contract on behalf of the principal without revealing the principal's identity.

The agent enters into a contract with a third party, disclosing both the fact of agency and the identity of the principal.

The agent enters into a contract on behalf of the principal without the principal's knowledge.

The agent enters into a contract with a third party but does not disclose the fact that they are acting as an agent.

2 answered

#11

What is the significance of the duty of obedience in agency law?

It requires the agent to obey the principal's instructions within the scope of their authority.

It ensures the agent's loyalty to the principal.

It mandates the agent to disclose all relevant information to the principal.

It prevents the agent from competing with the principal.

2 answered

#12

In agency law, what is the purpose of the duty of loyalty?

To require the agent to act in the best interests of the principal, avoiding conflicts of interest.

To ensure the agent follows the principal's instructions explicitly.

To mandate the agent to disclose all information to the principal.

To prevent the agent from disclosing confidential information.

2 answered

#13

What does the principle of vicarious liability state in agency law?

The principal is directly responsible for the agent's actions.

The agent is personally liable for their actions.

The agent's liability is limited to the scope of their authority.

The principal is held responsible for the agent's actions performed within the scope of employment.

2 answered

#14

Under agency law, what is the significance of the duty of care?

It requires the agent to act in the best interests of the principal, avoiding conflicts of interest.

It ensures the agent follows the principal's instructions explicitly.

It mandates the agent to exercise reasonable skill and diligence in performing their duties.

It prevents the agent from disclosing confidential information.

2 answered

Principles of Agency and Responsibilities Quiz

Which of the following is not a fiduciary duty of an agent?

What is the minimum age requirement to be an agent?

In agency law, what does 'ratification' refer to?

Which of the following is a type of authority that an agent may possess?

What is the difference between actual authority and apparent authority in agency law?

What is the doctrine of respondeat superior in agency law?

What is the difference between a general agent and a special agent?

What is the doctrine of undisclosed principal in agency law?

Under agency law, when can an agent bind the principal in a contract?

Which of the following is an example of a disclosed principal?

What is the significance of the duty of obedience in agency law?

In agency law, what is the purpose of the duty of loyalty?

What does the principle of vicarious liability state in agency law?

Under agency law, what is the significance of the duty of care?

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