MBE Agency/Partnerships - WTF

  1. In determining whether __________ authority exists, the key is to look at the communication between the __________.
    actual; principal and agent
  2. Which parties are liable on a contract when there is full disclosure of a principal’s existence and identity by the agent to a third party?
    Principal and third party are liable on the contract.
  3. Which type of authority arises from a third party's reasonable belief?
    Apparent authority
  4. What are the exceptions in which a principal may be held vicariously liable for intentional torts?
    • The conduct occurred within the general space and time limits of employmento
    • The agent was motivated in some part to benefit the principalo
    • The act is of a kind that the agent was hired to perform
  5. Three duties that all agents owe to principals—even if the agent is unpaid:
    • 1) Duty to exercise reasonable care
    • 2) Duty to obey reasonable instructions
    • 3) Duty of loyalty
  6. A matter OUTSIDE the ordinary course of the partnership's business requires the approval of __________ of the partners.
  7. Implied authority is based on __________.
    a partner’s reasonable belief that an action is necessary to carry out express authority
  8. Each partner is ________________ for all partnership obligations.
    jointly and severally liable
  9. Who is entitled to be paid first from the assets of the partnership in the process of winding up the partnership’s business?
Card Set
MBE Agency/Partnerships - WTF
MBE Agency questions - Themis