5.2 DUTIES AND LIABILITIES OF AGENTS AND PRINCIPAL Flashcards
1
Q
WHEN IS A PRINCIPAL LIABLE FOR AN AGENT’S LACK OF REASONABLE CARE?
A
SEE SCREENSHOT
2
Q
WHAT IS THE DOCTRINE OF VICARIOUS LIABILITY ALSO KNOWN AS RESPONDENT SUPERIOR
A
DO AS THE MASTER SAYS,
3
Q
WHAT CONSTITUTES TERMINATION IN AN AGENCY AND PRINCIPAL?
A
DEATH OF PRINCIPAL/AGENT
SEE SCREENSHOT
4
Q
WHO IS RESPONSIBLE TO THIRD PARTIES WHEN A PRINCIPAL IS DISCLOSED?
COVER EXPRESS, IMPLIED, AND APPARENT
A
SEE SCREENSHOT
5
Q
WHO IS RESPONSIBLE TO THIRD PARTIES WHEN A PRINCIPAL IS PARTIALLY DISCLOSED?
COVER EXPRESS, IMPLIED, AND APPARENT
A
SEE SCREENSHOT
6
Q
WHO IS RESPONSIBLE TO THIRD PARTIES WHEN A PRINCIPAL IS UNDISCLOSED?
COVER EXPRESS, IMPLIED, AND APPARENT
A
7
Q
WHAT ARE THE RESPONSIBILITIES IN AN AGENCY
A
- AGENT OWES THE PRINCIPAL A FIDUCIARY DUTY NOT THE OTHER WAY AROUND.
- MEETING OF THE MINDS
- PRINCIPAL MUST HAVE LEGAL CAPACITY NOT THE OTHER WAY AROUND
