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PART III: AGENCY.
Match the following:
a. A principal’s obligation to compensate an agent for loss whenever the agent makes a payment or incurs
an expense while acting on behalf of the principal.
b. Holding a person liable as a principal in order to protect third parties who justifiably rely on a
reasonable belief that a person is an agent.
c. A consensual relationship authorizing one party to act for and on behalf of another party.
d. Responsibility of an agent to keep and render to the principal a record of money or other property
received or
paid out on the principal’s behalf.
e. The requirement that an agent act with reasonable care and skill in performing the work for which
she is employed.
f. The formal, written appointment of an agent.
g. Person who agrees to do a particular job and who is not subject to the other’s control over the manner
and
means of conducting the work.
h. A duty that arises out of a relationship of trust and confidence that is one of utmost loyalty and good
faith. i. A form of liability without fault in which the principal is held liable for the agent's unauthorized
tort.
j. Authority that is either express or implied and that depends upon consent manifested by the principal
to the agent.
k. A principal of whom a third party has no knowledge, because he has no reason to believe the agent is
acting for a principal.
l. An irrevocable agency relationship.
m. Power arising from words or conduct of the principal which manifests to a third person that the
agent has actual authority and upon which the third person justifiably relies.
n. A principal that a third party knows exists but does not know who it is; partially disclosed.
o. The confirmation or affirmance by one person of a prior unauthorized act that another has done as his
agent.
1. agency
2.
indemnificati
on
3. power of
attorney
ANSWER: f
4. duty to
account
5. duty of
diligence
6. agency by estoppel
7. independent contractor
8. fiduciary duty
9. agency coupled with an interest
10. actual authority
ANSWER: j
11. apparent authority
12. respondeat superior
POINTS: 1
13. ratification
14. undisclosed principal
15. unidentified principal
