Podcast
Questions and Answers
In a business setting, who typically negotiates business dealings on behalf of another person or business?
In a business setting, who typically negotiates business dealings on behalf of another person or business?
- The Third Party
- The Agent (correct)
- The Manager
- The Principal
What is the primary function of an Agent in a business transaction?
What is the primary function of an Agent in a business transaction?
- To enter into a contract with the Third Party
- To take personal responsibility for the contract
- To act on behalf of the Third Party
- To act as a liaison between the Principal and the Third Party (correct)
In the context of Agency Law, who bears the legal liability in a contract between the Principal and the Third Party?
In the context of Agency Law, who bears the legal liability in a contract between the Principal and the Third Party?
- The Principal (correct)
- Both the Principal and the Third Party
- The Third Party
- The Agent
What is the relationship between the Principal, the Agent, and the Third Party in a business transaction?
What is the relationship between the Principal, the Agent, and the Third Party in a business transaction?
Under what circumstances does the Agency relationship arise?
Under what circumstances does the Agency relationship arise?
Who is the party that is not directly involved in the contract, but is represented by the Agent?
Who is the party that is not directly involved in the contract, but is represented by the Agent?
What is the term for when an agent's powers are clearly set out in their appointment?
What is the term for when an agent's powers are clearly set out in their appointment?
In what type of agency relationship does the principal approve a contract after the fact?
In what type of agency relationship does the principal approve a contract after the fact?
What is the term for when an agent is appointed without receiving payment?
What is the term for when an agent is appointed without receiving payment?
In what type of agency relationship does the court imply a principal/agent relationship based on the actions of the parties?
In what type of agency relationship does the court imply a principal/agent relationship based on the actions of the parties?
What type of agency arises when an agent is appointed to act in a specific transaction?
What type of agency arises when an agent is appointed to act in a specific transaction?
What type of agency relationship arises when an individual agrees to act for another without receiving payment?
What type of agency relationship arises when an individual agrees to act for another without receiving payment?
What is the primary requirement for an agent to take action in an emergency situation on behalf of the principal?
What is the primary requirement for an agent to take action in an emergency situation on behalf of the principal?
What is the term for when an agent holds themselves out to others as an agent of the principal, and the principal is aware of this but does nothing?
What is the term for when an agent holds themselves out to others as an agent of the principal, and the principal is aware of this but does nothing?
What is the consequence for the principal if they are aware that an agent is holding themselves out to others as their agent, but do nothing about it?
What is the consequence for the principal if they are aware that an agent is holding themselves out to others as their agent, but do nothing about it?
What is the primary duty of an agent to the principal?
What is the primary duty of an agent to the principal?
What is the term for an agency relationship that arises due to an emergency situation?
What is the term for an agency relationship that arises due to an emergency situation?
What type of document may be required for the appointment of an agent, depending on the actions to be carried out?
What type of document may be required for the appointment of an agent, depending on the actions to be carried out?
What is the primary duty of an agent with regards to the principal's instructions?
What is the primary duty of an agent with regards to the principal's instructions?
In what circumstance can an agent exercise a lien over the principal's property?
In what circumstance can an agent exercise a lien over the principal's property?
What is the consequence of an agent making a secret profit or misusing confidential information?
What is the consequence of an agent making a secret profit or misusing confidential information?
How can an agency relationship be terminated?
How can an agency relationship be terminated?
What is the agent's duty with regards to the principal's money and property?
What is the agent's duty with regards to the principal's money and property?
In what circumstance can an agent claim indemnity against the principal?
In what circumstance can an agent claim indemnity against the principal?
