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What is imputed knowledge?


A) information collected by a principal prior to engaging in an agency
B) information collected by a principal on an agency
C) information learned by an agent that is attributed to the principal
D) information learned by a principal that is attributed to an agent

E) B) and D)
F) All of the above

Correct Answer

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The duty of loyalty is a fiduciary duty owned by an agent not to act adversely to the interests of the principal.

A) True
B) False

Correct Answer

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A client hires a lawyer as an independent contractor to represent her in a civil lawsuit against a defendant to recover monetary damages. If the client authorizes the lawyer to settle a case within a certain dollar amount and the lawyer does so, which of the following would be true?


A) The agreement is invalid after the lawyer's contract with the principal terminates.
B) The agreement is void because independent contractors cannot enter into contracts.
C) The agreement is binding only when there is no financial settlement involved.
D) The settlement agreement is binding for the client.

E) None of the above
F) B) and C)

Correct Answer

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What is vicarious liability?


A) non-liability
B) liability for multiple torts
C) liability without knowledge
D) liability without fault

E) B) and C)
F) None of the above

Correct Answer

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A party who employs another person to act on his or her behalf is known as a(n)________.

Correct Answer

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A principal is not bound to contracts made by an apparent agency.

A) True
B) False

Correct Answer

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The principal is obliged to perform the contract made with a third-party.

A) True
B) False

Correct Answer

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An independent contractor cannot represent more than one principal at a time.

A) True
B) False

Correct Answer

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Gerard wants to get some land cleared in Texas. With the help of a consulting agency, he hires Carlos, an independent contractor. Carlos procures dynamite from a legitimate dealer, to be used in clearing the land. However, the explosion of dynamite causes cracks to appear in the outer walls of a nearby house. Who is liable to the owner of the damaged house?


A) Gerard
B) Carlos
C) both Gerard and Carlos
D) the consulting agency

E) None of the above
F) A) and B)

Correct Answer

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Any property, money, or other benefit received by the agent in the course of an agency belongs to the principal.

A) True
B) False

Correct Answer

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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, is known as a(n)________.

Correct Answer

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For an implied agency to function, implied authority cannot conflict with express authority.

A) True
B) False

Correct Answer

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