in a princpal agent relationship a. the principal wants theagent to sct on her own behalf...
Agency is a legal term of art that refers to the relationship between a principal and an agent. An agency relationship is a fiduciary relationship, where one person (called the “principal”) allows an agent to act on his or her behalf. The agent is subject to the principal’s control and must consent to her instructions. Classic examples of agency relationships include employer/employee, lawyer/client, and corporation/officer. All that is required to create an agency relationship is the manifestation of assent by...
An agent with a conflict of interest to the principal: Must act in his own self interest. Is probably committing fraud unless the agent fully discloses the conflict of interest to the principal. May still represent the principal without disclosing the conflict of interest. All of the above ----------------------------------------------------------------------------------------------- An agent is liable to third parties when The principal is fully disclosed and the agent has only apparent authority. The principal is fully disclosed and the agent has only implied...
An agent is always liable for a contract he or she enters into on behalf of an undisclosed principal. TRUE OR FALSE Trent was retained, in writing, to act as Post's agent for the sale of Post's memorabilia collection. To be Post's agent, Trent must be at least 18 years of age. TRUE OR FALSE A court will most likely pierce the corporate veil and hold a shareholder personally liable if the corporation has failed to elect S corporation status...
Question 6 1 pts A principal can ratify an agreement made without authorization on his or her behalf by one who is not his or her agent. True False Question 7 1 pts An agent must notify the principal of all material matters that come to his or her attention regarding the subject matter of the agency. True False Question 8 1 pts A principal may confer authority on an agent only in writing. True False Question 9 1 pts...
DESCRIBE THE NATURE OF THE PRINCIPAL-AGENT RELATIONSHIP BETWEEN THE OWNERS AND MANAGERS OF A CORPORATION, AND EXPLAIN HOW VARIOUS CORPORATE GOVERNANCE MECHANISM ATTEMPT TO MANAGE AGENCY PROBLEMS
Question 12 For corporations, the principal-agent relationship usually refers to the relationship between O buyers-sellers O owners-managers O manager-customer O owner-bankers
Determine whether the following statement is True or False. The principle-agent relationship exists when one party (the principal) would like another party (the agent) to act in some way, or have some attribute that is in the interest of the principal, and that cannot be enforced or guaranteed in a binding contract.
Which scenario below will likely result in a least effective principal-agent relationship? The job to be performed by the agent is very simple: the agent only needs to sit on a chair for 5 hours a day; the principal makes money by broadcasting, 5 hours a day, the sitting of the agent (some people seem to derive enjoyment from watching a person sitting on a chair for 5 hours a day), and pays the agent $500 per month for doing...
A principal is not liable to a third party for any contract made by the agent acting outside the scope of his or her authority. True False The purpose of antitrust law is to prevent competition. True False
tribution, and where does she report the contribution she makes on behalf of her employee? Wendy's own salary reduction contribution and employer matches are reported on Schedule C because she has an employee. Wendy's own salary reduction contribution and her own employer match are both reported on Form 1040: the matching tribution she makes on behalf of herself and her employee, as well as the employee's elective deferrals, are all reported on ys own salary reduction contribution and her own...