GBL 385 Final Exam – Molesky Study Guide with Complete Solutions
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Course
GBL 385
Institution
GBL 385
GBL 385 Final Exam – Molesky Study
Guide with Complete Solutions
agency - Answer️️ -fiduciary relationship between 2 persons in which one acts on
behalf of the other
types of agency relationships - Answer️️ -principal --> agent
employer --> employee
employer --> independent...
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
-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
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