which of the following is a fiduciary duty required by an agent not to act adversely course hero

Which action must be strictly for the benefit of the principal?

An agent's actions must be strictly for the benefit of the principal and must not result in any SECRET profit for the agent. Which of the following is NOT a duty the principal owes the agent?

Can an AG agent self-deal with the principal?

Agents are generally allowed to​ self-deal with the​ principal, especially if the​ self-dealing is undisclosed. Which of the following is an INCORRECT statement regarding usurping an opportunity and the​ agent's duty of​ loyalty? An agent can personally usurp an opportunity that belongs to the principal.

What is gratuitous agent?

The degree of skill or care required of an agent is usually that expected of a (n) reasonable person under similar circumstances. A gratuitous agent may be held liable to the principal for breach of the agency contract. a. True b.

Which of the following is an example of an agent fiduciary duty?

Which of the following is an example of an agent's fiduciary responsibilities? (A) Fiduciary refers to a position of trust. When an agent is handling the premiums that belong to an insurance company, they are acting in a fiduciary capacity.

Which of the following are duties owed by an agent to the principal?

Agents generally have the following duties to the principal: Loyalty, Care, Obedience, and Accounting.

What duties do agents owe to third parties?

The agent has the following performance-based duties: Contractual duties. An agent has an implied duty to act in accordance with the terms of any contract between the parties. Duty of care. ... Duty of obedience. ... Duty to provide information. ... Duty to keep and render accounts.

Is a person in a position of trust and confidence who has a duty of utmost loyalty and good faith?

A fiduciary duty, arising out of a relationship of trust and confidence, is one of utmost loyalty and good faith. An agent must act solely in the interest of his principal in all acts that would affect the principal's business.

What are the fiduciary duties of an agent?

The fiduciary duties of a real estate agent are:Loyalty.Obedience.Confidentiality.Disclosure.Accounting.Reasonable Care.

What is the required fiduciary duty of an agent quizlet?

As a fiduciary, the agent owes the principal a duty of loyalty, which generally requires the agent to act solely for the benefit of the principal (and not for the benefit of the agent or third parties) in matters connected with the agency.

Which of the following are duties of an agent?

DUTIES OF AGENTDuties to follow Instructions or Customs:Duty of reasonable care and skill.DUTY TO AVOID CONFLICT OF INTEREST.Duty not to make secret profit:Duty to remit sums.Duty to maintain Accounts:Duty not to delegate.

What are the fiduciary duties of an agent to her principal choose 3 answers?

A fiduciary relationship is a position of trust, and the agent owes the principal the duty of obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care (OLD CAR).

What are three 3 of the duties an agent owes her principal?

Recognize that the principal owes the agent duties: contract, tort, and workers' compensation.

Which of the following is a fiduciary allowed to do?

A fiduciary is a person or an entity entrusted with the responsibility to take care of money or other assets of its clients. For example, the trustees of a mutual fund have a fiduciary duty to protect and further the interests of investors. As a fiduciary, a person is legally answerable to the client.

Which of the following owes a fiduciary duty to the corporation?

Fiduciary Duty of Loyalty Officers and directors owe a duty of loyalty to a corporation and its shareholders. They are expected to put the welfare and best interests of the corporation above their own personal or other business interests.

Which of these duties is the obligation of an agent to carry out the legal and ethical instructions of their client?

Under the common law of agency, the agent owes the principal these six duties: care, obedience, loyalty, disclosure, accounting, and confidentiality. The common law fiduciary duty of obedience obligates the agent to obey all the principal's instructions.

What powers does an agent have?

An agent will have emergency powers: a. to protect the principal's property and rights when the agent is unable to communicate with the principal. b. when the agent is on the phone. c. when the principal is on the phone. a. to protect the principal's property and rights when the agent is unable to communicate with the principal.

When does an agent not need written authority to sign?

Likewise, when an agent acts in the presence of a principal, the rule does not apply. Finally, when the agent's signature is merely a (n) formality , the agent does not need written authority to sign. Ratification. The act of accepting and giving legal force to an obligation that previously was not enforceable.

What is equal dignity rule?

Equal dignity rule: In most states, a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing. Failure to comply can make a contract voidable at the option of the principal. Power of attorney:

What is a power of attorney?

Power of attorney: A written document, which is usually notarized, authorizing another to act as one's agent; can be special (permitting the agent to do specified acts only) or general (permitting the agent to transact all business for the principal).

Can an executive officer sign without written authority?

For example, an executive officer of a corporation can conduct business transactions without written authority. Likewise, when an agent acts in the of a principal, the rule does not apply. Finally, when the agent's signature is merely a (n) , the agent does not need written authority to sign. The equal dignity rule has several exceptions.