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Agents breach their duty of loyalty by buying for the principal from themselves even if...

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Finance

  1. Agents breach their duty of loyalty by buying for the principal from themselves even if they charge a fair price. Which of the following common law duties of an agent does this violate?

    A.

    Duty of indemnification
    B.

    Duty to obey instructions
    C.

    Duty of loyalty
    D.

    Duty to account for funds and property

2. Identify the correct statement about sole proprietorship.

A.

The owner shares responsibility with the agents and employees.
B.

It may be operated under an assumed or trade name.
C.

Employees of the business are not the personal employees of the owner.
D.

The salaries paid to the employees are not deductible in determining taxable income.

3. A municipal corporation:

A.

is formed and operated by private persons.
B.

does not seek to make a profit.
C.

does not have the power to tax.
D.

is incorporated under special statute.

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