Business Law Chapter 33

When an agent breaches an agency contract or his fiduciary duties, the principal may use her right of __________ to nullify at her discretion any contract the agent negotiated

Avoidance

Apparent agency is also known as __________

Agency by estoppel

In an agency relationship, the __________ is authorized to act for and on behalf of the __________, who hires the __________ to represent him/her

Agent, principle, agent

Employees are __________ of an employer

Agents

An agency relationship is a(n) __________ relationship of trust, confidence, and good faith

Fiduciary

A __________ power of attorney is a written document, created by a principal, expressing his or her wishes for an agent's authority not to be affected by the principal's subsequent incapacity

Durable

Agency relationships can be created based on all but which of the following forms of authority?

Durable agency

A __________ agent is one who acts without consideration

Gratuitous

A(n) __________ is a person who contracts with another to do something for him/her, but who is not controlled by the other nor subject to the other's right to control with respect to his/her physical conduct in the performance of the undertaking

Independent contractor

Which of the following is not a requirement for agency by ratification?

The principal must have incomplete knowledge of all material facts regarding the contract