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BUL 3310 Exam 3 FSU Woodyard Q&A 100% Guaranteed Pass | Graded A+
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BUL 3310 Exam 3 FSU Woodyard Q&A 100% Guaranteed Pass | Graded A+ 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 - Arise...

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  • December 21, 2024
  • 30
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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BUL 3310 Exam 3 FSU Woodyard Q&A

100% Guaranteed Pass | Graded A+


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.




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,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.

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.

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

subject to his directions or control.

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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

, 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.

Renunciation of Authority - ✔✔The act by which a person abandons a right

acquired without transferring it to another.

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




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©JOSHCLAY 2024/2025. YEAR PUBLISHED 2024.

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