BULE 303 Test 4 Questions and Correct Verified Answers Latest Version
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Module
Bule 303
Institution
Bule 303
Agency, there are two parties:
Agent, and principal
Agent
Represents/acts for another party
Principal
Has an agent represent for him/herself
Fiduciary
A relationship of trust, each party owes the other the duty to act with
the utmost good faith
Salesperson
Is the agent of the store'...
✓ Person who contracts with another to do something for him/her, but
who is not controlled by the other nor subject to the other's right to
control his physical conduct when doing the job, they cant be an
agent
Employee
✓ Employee is an agent of the store, laws that apply to employees -->
employment laws
How do courts determine employee status?
✓ Go through rules and questions regarding employee or independent
contractor status, IRS uses same questions and rules
Permalancers
✓ Independent contractors that are working for businesses longer term
What type of business uses permalancers? Benefits?
✓ Small businesses may try to keep workers and independent contractors,
because agents (employees) are liabilities to businesses
Master01 | September, 2024/2025 | Latest update
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