Ch 29

Question 1

Agency/ statute of frauds

Answer 1

491

express agency contracts can be either oral or written unless the Statute of frauds stipulates that they must be written

Question 2

Dual agency

Answer 2

504
an agency cannot meet a duty of loyalty to two parties with conflicting interests. Dual agency occurs when an agent acts for two or more different principals in the same transaction.
acting like a double agent

Question 3

Termination of agency

Answer 3

497-499

Question 4

independent contractor

Answer 4

511

true- definition

Question 5

Fiduciary duties

Answer 5

503
an agent owes a fiduciary duty not to act adversely to the interests of the principal.

if this duty is breached, the agent is liable to the principal.

Question 6

apparent agency

Answer 6

494
agency that arises when a principal creates the appearance of an agency that does not exist.

notes that the principals actions- not the agents- create an apparent agency.