GBL 385 Final Exam – Molesky Questions With Correct Answers
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Course
GBL 385
Institution
GBL 385
GBL 385 Final Exam – Molesky Questions
With Correct Answers
Agency - answerfiduciary relationship between 2 persons in which one acts on behalf of the
other
types of agency relationships - answerprincipal --> agent
employer --> employee
employer --> independent contractor
principa...
principal --> agent - answer✔✔principal gives the agent expressed or actual authority to act on
the former's behalf
expressed authority - answer✔✔arises from specific statements made by the principal to the
agent
actual authority - answer✔✔includes expressed authority and implied authority
implied authority - answer✔✔customarily given to an agent in an industry, trade, or profession
employer --> employee - answer✔✔agent who works for pay and is subject to the control of the
principal may enter into contractual relationships on the latter's behalf
respondent superior - answer✔✔imposes liability on a principle for torts committed by an agent
employed by him or her and subject to his or her control
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
, BRIGHTSTARS EXAM STUDY SOLUTIONS 8/15/2024 2:05 PM
-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
contingency fee - answer✔✔agent's compensation that consists of a % of amount agent secured
for principal in business transaction
duty of reimbursement & indemnification - answer✔✔indemnity: principal's obligation to
reimburse agent for any losses agent incurs while acting on principal's behalf
duty of cooperation - answer✔✔principal must do nothing to interfere with reasonable conduct
of agent as agreed upon in an express or implied contract
duty to provide safe working conditions - answer✔✔Employers who repeatedly violate standards
set by the Occupational Safety and Health Act (OSHA) may be fined or imprisoned or both
duty of loyalty - answer✔✔-acting on behalf of one principal to avoid conflicts of interest
-communicating all material info to principal
-refraining from acting in a manner adverse to principal's interest
agents duties to principal - answer✔✔-duty of obedience
-duty of accounting
-duty of performance
duty of obedience - answer✔✔following principal's reasonable and lawful instructions
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