A6. The agent has a duty to act only for the benefit of the principal, and not for their own, personal benefit. This is an example ofO Duty to Act in Good FaithO Duty of LoyaltyDuty to IndemnifyAll of the Above

Personal benefit refers to an advantage or gain that an individual receives, typically in the form…

Answered: The agent has a duty to act only for…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter4: Professional Legal Liability

Section: Chapter Questions

Problem 6CYBK

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S1: Negotiorium gestio refers to the voluntary administration of the property, business, or affairs of another with his consent or authority. S2: Solutio indebiti refers to payment by mistake of an obligation which was due and demandable. a. Only S2 is true b. Both statements are true c. Only S1 is true d. Both statements are false
Which type of agent is not liable for a breach of contract by his principal: a. undisclosed agent b. partially disclosed agent c. fully disclosed agent d. all of the above
Liability arises from all of the following situation except A negligent act Breach of duty Contractual assumption of responsibility An act of God
In duty to compensate the agent owes to pay an agreed-upon amount to the principal Select one True False
The fiduciary responsibilities expected of an agent include all the following except O good faith O availability O fidelity O loyalty
If the agency relationship is undisclosed, the agent is liable to the third party if they fail to perform. T/F
which of the following is true? a.When what is to be delivered is a generic thing, the creditor may ask a person other than the debtor to perform the obligation. b.Dolo incidente relates to the fraud committed at the time of the perfection of a contract. c.When negligence is imputed as a cause for the breach in an obligation, the same is presumed.
Statement I: The Doctrine of Agency by Necessity states that by virtue of the existence of an emergency, the authority of an agent is correspondingly enlarged in order to cope with the exigencies or necessities of the moment. Statement II: An agent must be armed with a special power of attorney if he waives an obligation gratuitously. Only Statement I is true. Only Statement II is true. Both statements are true. Both statements are false.
True False Underwriters are persons or institutions to whom the proceeds of the policy are paid if a loss occurs.
Members of the board have the following fiduciary duties: the duty of care and the duty of loyalty. Question options: a) True b) False
In case the debtor does not make the application of payment nor the creditor does not also state in which application of payment of payment is made, then application is made by operation of law. True False
The relationship between a banker and its customers are not only fiduciary in nature but contractual as well. Therefore under any contractual terms, there exist terms and conditions, also known as an exclusion clause to protect the maker of the statement. With regards to case law, explain the rules of “incorporating” an exclusion clause in order for it to work.

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The agent has a duty to act only for the benefit of the principal, and not for their own, personal benefit. This is an example Duty to Act in Good Faith O Duty of Loyalty O Duty to Indemnify O All of the Above