Relations Between Principle And Agent

Question 1

The agent has a duty to perform their undertakings and obey instructions

Answer 1

True

Question 2

An agent must act to pervert liability or tort

Answer 2

True

Question 3

Does an agents duty of care differ depending on if they are gratuitous or gor reward

Answer 3

Yes and if they have presented themselves to be of particular skill

Question 4

Which are the fiduciary duties of an agent

Answer 4

loyalty and fidelity

Question 5

What is a fiduciary

Answer 5

A person who has undertaken to act for another which gives rise to a relationship of trust and confidence

Question 6

All fiduciary duties are the same

Answer 6

False

Question 7

All agents are fiduciaries

Answer 7

False, they must be trusted

Question 8

Fiduciary duties arrise from equity and not from contracts

Answer 8

True although contracts can modify them

Question 9

How is the fiduciary duties of a companty director different from that of a normal fiduciary

Answer 9

Instead of not being to enrich themselves they shall follow a rule of not having any conflict of interst, they must not recive benefits from third parties and they must disclose their interest in the ralation

Question 10

What does the regulated duties of commercial agents put extra focuse on

Answer 10

That the commercial agent should inform the principle as much as possible

Question 11

What is the fiduciary no conflict rule

Answer 11

That a fiduciary may not enter into a relationship wich may lead to conflicts of interest between principles

Question 12

WHat is the fiduciary duty not to make a secret profit

Answer 12

The fiduciary may not use the position to enrich themselves without explicit consent from principle

Question 13

The secret profit of the fiduciary beongs to the principle

Answer 13

True, it becomes a liability if it is made

Question 14

What is a bribe

Answer 14

A payment to an agent that is know to be an agent without making the principle aware

Question 15

A bribe must be for a contract between an agent and a third party

Answer 15

No, and it does not even have to be immediately to the agent, it can also be to a close family member or equivalent

Question 16

What can a principle do if the agent is bribed

Answer 16

Terminate the realtionship, withhold remuniration or demand the value of the bribe at the moment of bribery

Question 17

The principle may make a profit on a breach of duty by the agent such as in the case of bribery

Answer 17

False

Question 18

In english courts a fiduciary may retain the profits of a well invested bribe or secret profit

Answer 18

True

Question 19

A principle may seek damages for the tort of bribery

Answer 19

Yea, for any excess damages made as a result of a bribe

Question 20

A contract made by a bribed agent is not voidable

Answer 20

False

Question 21

If the agent fails to keep apart their own and the principles assets the principal has a claim on the entire fund

Answer 21

True

Question 22

Can an agent cannot without explicit consent from the principle delegate authority

Answer 22

No, not ever

Question 23

The acts of an unauthorised sub agent will not bind the principle

Answer 23

Yes and no, the principle bẃill not be boud to payment and responsibility but third parties may rely on the apparent authority of the sub agent to bind the principle to contracts

Question 24

An agent appointing an unauthorised sub agent may be liable for its payment

Answer 24

True

Question 25

What is privity of contract

Answer 25

When no outside party can be held liable for breach of contract

Question 26

When is there privity of contract on an apointment of a sub agent

Answer 26

When a principle allows the apointment or ratifies such an apointment, then the sub agent just becomes another agent of the principle and the agent will not be liable for their actions as long as the agent was selected with care

Question 27

An agent is alway entitled to remuniration

Answer 27

No, only if it is a commercial agent or it is implied or expressed in the contract

Question 28

An agent is not entitled reword for a cause he cannot show he was the cause of

Answer 28

True

Question 29

If there is no contract or implication (such as usage) to the controary a principle must compensate an agent

Answer 29

False

Question 30

When will an agent loose their right to commision

Answer 30

1. Acts outside authority, 2 Illegal acts, 3 acts in breach of duty or 4 acts outs

Question 31

May a commercial agent gain a commision for a tracsaction that is a result of their action even if they were not the effective cause of it

Answer 31

Yes

Question 32

When is a commercial agent to be compesated

Answer 32

When a transaction has been concluded by their action or when a trasaction has been concluded by a third party whom he has previously aquired as a customer for trasactions of such a kind

Question 33

An agent has the right to be reimbursed for all actions taken within their authority

Answer 33

True

Question 34

Are estate agents entitled to embersment over their commision

Answer 34

No, not unless their contracts explicitly states so

Question 35

What is a lien

Answer 35

The right of an agent to posess the goods of their principle in the case that they were not reimbersed as per agreement

Question 36

A principle can terminate the agency wether or not this is a breach of contracts as long as the agent has not fufilled their obligations

Answer 36

true

Question 37

How may an agency be terminated outside the means of revocation of authority by the principle, name 6 reasons

Answer 37

By 1. the execution of the agents commission, by 2. the appointment expiering, by 3. agreement between the principle and agent, by 4. destruction of the agency subject matter, by 5. the alteration of the agency making it illegual, impossible or just different from agreed upon or lastly 6. by death, insanity or bankrupcy of either party

Question 38

When can an agents authority not be revoked without its consent

Answer 38

When authority is given by deed, when authority is given by atterney and when the agent has incurred personal liability in the performance of the authority (you cannot dismiss a contractor just after theyve bought the materials)

Question 39

If an agency is timed will a bankrupcy or destruction of property not be enough for an agent to demand compesation for all the work over the entire duration past the incident

Answer 39

It depends on the contract but generally the agency will be terminated upon such incident

Question 40

How long of a notice is required for a commercial agents agency before it is terminated

Answer 40

About as many months as years that a contract has commenced although the parties may agree to longer periods, although if the contract is frustrated (some accident makes it impossible or mutated) the agency may be terminated immediately

Question 41

A commercia agent shall be compensated if the agency is terminated

Answer 41

true

Question 42

Is there a cap on an agents indemnity at the termination of an agency

Answer 42

Yes it must not exeed the remuniration of 1 year on the average of the past 5 years

Question 43

A commercial agent is entitled to compensation of the damages he suffers as a result of the rermination of the relations with the principle

Answer 43

True

Question 44

When is an indemnity not payable to a commercial agent

Answer 44

The contract is terminated by a breach, an unjust termination by the agent (due to actions of principle or the health of the agent), if the agent transferr their duties

Question 45

Commercial agent regulations can be contracted out of

Answer 45

False

Question 46

The estate of a dead principle is bound by the apparent authority of their agent while an insane principle is not

Answer 46

False, it is the other way around.