BLR Exam 2 Question and answers verified to pass 2024/2025
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BLR Exam 2 Question and answers verified to pass 2024/2025 BLR Exam 2
Agency Law - correct answer the large body of common law that governs agency; a mixture of contract law and tort law
Agency - correct answer the principal-agent relationship
Principal - correct answer the party w...
Principal - correct answer ✔the party who employs another person to act on
his or her behalf
Agent - correct answer ✔a party who agrees to act on behalf of another
Principal-Agent Relationship - correct answer ✔a relationship formed when
an employer hires an employee and gives that employee authority to act and
enter into contracts on his or her behalf
Employer-Employee Relationship - correct answer ✔a relationship that
results when an employer hires an employee to perform some task or service
but the employee has not been authorized to enter into contracts on behalf of
his or her employer
Principal-Independent Contractor Relationship - correct answer ✔the
relationship between a principal and an independent contractor who is not an
employee of the principal but that has been employed by the principal to
perform a certain task on behalf of the principal
Express Agency - correct answer ✔an agency that occurs when a principal
and an agent expressly agree to enter into an agency agreement with each
other
,General Power of Attorney - correct answer ✔a power of attorney where a
principal confers broad powers on the agent to act in any matters on the
principal's behalf
Special Power of Attorney - correct answer ✔a power of attorney where a
principal confers power on an agent to act in specified matters on the
principal's behalf.
Implied Agency - correct answer ✔an agency that occurs when a principal
and an agent do not expressly create an agency, but it is inferred from the
conduct of the parties
Agency by Ratification - correct answer ✔(1) a person misrepresents him- or
herself as another's agent when in fact he or she is not and (2) the purported
principal ratifies the unauthorized act
Apparent Agency (Agency by Estoppel) - correct answer ✔agency that
arises when a principal creates the appearance of an agency that in actuality
does not exist
Duty to Compensate - correct answer ✔a duty that a principal owes to pay
an agreed-on amount to the agent either on the completion of the agency or at
some other mutually agreeable time.
Duty to Reimburse - correct answer ✔unless otherwise agreed, the principal
owes a duty to reimburse the agent for expenses incurred by the agent on
behalf of the principal
Duty to Indemnify - correct answer ✔a principal owes a duty to indemnify the
agent for any losses the agent suffers because of the principal's conduct
, Duty to Cooperate - correct answer ✔unless otherwise agreed, the principal
owes a duty to cooperate with and assist the agent in the performance of the
agent's duties and the accomplishment of the agency
Duty to Perform - correct answer ✔(1) performing lawful duties expressed in
the contract and (2) meeting the standards of reasonable care, skill and
diligence implicit in all contracts
Duty to Notify - correct answer ✔an agent owes a duty to notify the principal
of important information concerning the agency
Imputed Knowledge - correct answer ✔information that is learned by an
agent that is attributed to the principal
Duty to Account - correct answer ✔a duty that an agent owes to maintain an
accurate accounting of all transactions undertaken on the principal's behalf
Termination of an Agency by an act of the parties - correct answer ✔a
situation where the parties to an agency contract terminate their contract by
mutual agreement or when a previously agreed on event occurs
Termination of an agency by an unusual change in circumstances - correct
answer ✔a situation where an agency terminates because an unusual
change in circumstances has occurred that would lead the agent to believe
that the principal's original instructions should no longer be valid
Termination of an agency by impossibility of performance - correct answer
✔a situation where an agency terminates because a situation arises that
makes the fulfillment of the agency impossible
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