Review for test 3 (Ch18-30, 32)

Review for test 3 (Ch18-30, 32) - TEST III REVIEW 30 32...

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TEST III REVIEW CHAPTERS 28, 29, 30, 32
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LOGISTICS DATE : Monday, November 19th LOCATION : In class TIME ALLOCATION : 75 Minutes MATERIAL COVERED : Chapters 28,29,30,32 YOU NEED : Scantron Form 882e and a #2 Pencil QUESTIONS : 50 Questions (25 T/F and 25 Multiple Choice) GRADING : 100 Total Points (50 Questions, 2 Points Each)
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CHAPTER 28 – Agency: The Inside Relationship Creating An Agency Relationship To create an agency relationship, there must be: Consent- principle and agent consent Control- principle controls agent Fiduciary Relationship- beneficiary puts full confidence in the fiduciary who will put themselves second Agents have a fiduciary duty to their principals Elements not required for an agency relationship: In most cases a writing is not required (exception: The equal dignities rule)
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CHAPTER 28 – Agency: The Inside Relationship Duties of Agents to Principals Agents owe a fiduciary duty to their principals- act in good faith Duty of loyalty Confidential information- therapist/patient, if patient leaves, the therapist cant disclose the information Competition with the principal- agent can’t compete with the principle Duty of due care Remember professionals (accountants, lawyers, doctors, etc.) are held to a standard higher than ordinary negligence Principal’s remedies when the agent breaches a duty Damages If the agent breaches the duty of loyalty, he must turn over to the principal any profits he has earned as a result of his wrongdoing If the agent has violated the duty of loyalty, the principal may rescind the transaction
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CHAPTER 28 – Agency: The Inside Relationship Duties of Principals to Agents
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