Characteristics Flashcards
1
Q
As a fiduciary to the principal
A
an agent must act in the best interest of the principal
2
Q
An agent
A
must refrain from competing or acting adversely to the principal unless the principal knows
3
Q
Under the statue of frauds an agreement
A
a contract that can be completed within a year does not have to be in writing
4
Q
To have an agency coupled with interest
A
the agent must have property interest or security interest
5
Q
In all agency relationships (except agency coupled with interest)
A
the principal has the power to dismiss an agent
6
Q
The principal
A
does not owe a fiduciary duty to the agent
7
Q
A contract between agent and principal
A
is not required
