Exam4-FC2 - The flashcards are formatted for printing...

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Fully Disclosed, Partially Disclosed, Undisclosed Principal and Agent
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Both are liable in lawsuits, so consider foreseeablility. Types of agents:
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Partially Disclosed Agent Fully Disclosed Agent
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Everybody knows you’re an agent and who the principal is. Can’t divulge who the principal is, or you can get sued.
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Fiduciary Relationship Partially Disclosed Agent
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Can say you’re an agent, but not who you work for. Relationship between the principal and agent based on trust, loyalty, and confidence.
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Undisclosed Agent Undisclosed Agent
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Can’t say you work for someone, acting like you’re not an agent for a principal. Lying by saying you work alone; technically fraud, but you have a legal duty to say you’re not an agent.
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1. Loyalty 2. Obedience and performance 3. Reasonable care 4. Accounting 5. Notification 1. Cooperate 2. Compensate 3. Reimburse 4. Indemnify
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Principal’s duties to the agent: Agent’s duties to the principal:
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Duty to Reimburse Duty to Cooperate
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The principal must perform the responsibilities defined in the agreement forming the agency (i.e. safe working environment). A principal has a duty
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This note was uploaded on 09/08/2011 for the course BUL 3130 taught by Professor Tessitore during the Summer '08 term at University of Central Florida.

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Exam4-FC2 - The flashcards are formatted for printing...

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