WVU BCOR 320 - Final Exam Study Guide (15 pages)

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Final Exam Study Guide



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Final Exam Study Guide

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Chapter 16-20


Pages:
15
Type:
Study Guide
School:
West Virginia University
Course:
Bcor 320 - Legal Environment of Business
Edition:
1

Unformatted text preview:

BCOR 320 1nd Edition Final Exam Final consists of chapters 16 17 18 19 20 Chapter 16 Creating Agency Relationship Agency is a relationship in which the agent agrees to perform a task for and under the control of the principal To create an agency there must be Principal Person who has someone else acting on him Agent Person who acts for someone else Who mutually consent that the agent will act on behalf of the principal Be subject to the principal s control Creating a fiduciary relationship Consent Principal must ask the agent to do something Agent must agree Control Principals are liable for the acts of their agents They exercise control over the agents Fiduciary relationship Trustee acts for the benefit of the beneficiary Agents have a fiduciary duty to their principals Elements not required for an agency relationship include A written agreement Equal dignities rule If an agent is empowered to enter into a contract that must be in writing then The appointment of the agent must also be written Formal agreement Compensation Duties of Agents to Principal Duty of loyalty The agent Must act for the benefit of the principal May not receive outside benefits without approval of the principal Can neither disclose nor use for her own benefit any confidential information Is not allowed to compete with his principal within the scope of the agency business Duty of loyalty The agent May not act for two principals whose interests conflict May not become a party to a transaction without the principal s permission May not engage in inappropriate behavior that reflects badly on the principal An agent must obey the principal s instructions unless illegal or unethical Agent must act with reasonable care An agent with special skills is held to a higher standard because he she is expected to use those skills Agent must provide information An agent has a duty to provide the principal with all information in her possession that She has reason to believe the principal wants to know



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