BA
Review for test 3 (Ch18-30, 32)

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

Info icon This preview shows pages 1–6. Sign up to view the full content.

TEST III REVIEW CHAPTERS 28, 29, 30, 32
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

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)
Image of page 2
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)
Image of page 3

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

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
Image of page 4
CHAPTER 28 – Agency: The Inside Relationship Duties of Principals to Agents
Image of page 5

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 6
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern