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BUL 3310 Exam 3 FSU Woodyard Questions and Answers 100% Pass
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BUL 3310 Exam 3 FSU Woodyard Questions and Answers 100% Pass Actual Authority - ANSWER -Authority an agent actually possesses. Maybe expressed or implied. Agency - ANSWER -Relations in which one person, the agent, acts on behalf of another, the principal. Agency by Estoppel or Apparent Authorit...

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  • December 17, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • bul 3310 exam 3 fsu woodyard questions and answers

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BUL 3310 Exam 3 FSU Woodyard
Questions and Answers 100% Pass

Actual Authority - ANSWER ✔✔-Authority an agent actually possesses. Maybe expressed or implied.


Agency - ANSWER ✔✔-Relations in which one person, the agent, acts on behalf of another, the principal.


Agency by Estoppel or Apparent Authority - ANSWER ✔✔-Arises where an agent has no actual

authority, but the principal leads third parties to believe the agent may act on his behalf.


Agent - ANSWER ✔✔-One who acts for the benefit of another.


Disclosed Principal - ANSWER ✔✔-If the parties have notice they are working for an agent who is

employed by a principal.


Duties - ANSWER ✔✔-Obligatory conduct owed by one person to another person.


Employee - ANSWER ✔✔-One who works for another under an express or implied contract. The

employer has control over the conduct of the employee.


Express Authority - ANSWER ✔✔-When an agent is expressly authorized to act on behalf of the principal

through either written or oral communication.


Fiduciary - ANSWER ✔✔-A person having a legal duty to act primarily for the benefit of another.


Implied Authority - ANSWER ✔✔-Actual authority implied from the circumstances.


Independent Contractor - ANSWER ✔✔-One who is not an employee. He retains in himself the means of

producing the result.




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Loyalty - ANSWER ✔✔-Faithfulness to one's office. A duty owed by an agent to a principal.


Master-Servant (employer) relationship - ANSWER ✔✔-Employer-employee relationship; the relation

that develops from an express or implied employment contract.


Partnership - ANSWER ✔✔-An association of two or more persons to carry on as co-owners a business

for profit.


Power of Attorney - ANSWER ✔✔-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.


Principal - ANSWER ✔✔-One who has permitted another to act for his benefit and subject to his

directions or control.


Ratification - ANSWER ✔✔-A voluntary election to adopt an act purportedly done on one's behalf and to

treat the act as originally authorized by that person.


Renunciation of Authority - ANSWER ✔✔-The act by which a person abandons a right acquired without

transferring it to another.


Respondeat Superior - ANSWER ✔✔-When an employer is acting through an agent, and tort liability is

incurred, the employer is responsible.


Subagent - ANSWER ✔✔-A party to whom an agent delegates his or her authority.


Undisclosed Prinicpal - ANSWER ✔✔-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 - ANSWER ✔✔-False


A general agent has authority to alter the principal's legal relationships with third parties. t/f - ANSWER

✔✔-True


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A power of attorney can only be held by an attorney at law. t/f - ANSWER ✔✔-False


Independent contractors are subject to more control over their physical conduct than are employees. t/f -

ANSWER ✔✔-False


Oral agency contracts are invalid. t/f - ANSWER ✔✔-False


If the agent possesses the requisite capacity to make contracts, any contracts he enters into on behalf of

his principal are not voidable even if the principal is a minor. t/f - ANSWER ✔✔-False


Principals owe fiduciary duties to agents. t/f - ANSWER ✔✔-False


Workers' compensation payments are limited to situations where an employee is injured in a work-

related activity. t/f - ANSWER ✔✔-True


The negligence of a covered employee injured in the course and scope of employment does not affect his

workers' compensation benefits. - ANSWER ✔✔-True


Agency relationships do not necessarily have to be contractual. - ANSWER ✔✔-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. - ANSWER ✔✔-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? - ANSWER ✔✔-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.




Created by ©EmilyCharlene 2025. All rights reserved.

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