Managers And the Legal Environment Strategies for the 21st Century 7th Edition – Test Bank
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Managers And the Legal Environment Strategies for the 21st Century 7th Edition by Constance E. Bagley – Test Bank
Managers And the Legal Environment Strategies for the 21st Century 7th Edition by Constance E. Bagley – Test Bank
Test Bank For Managers And the Legal Environment Strategies for the 21st Century 7th Edition by Constance E. Bagley
Managers And the Legal Environment Strategies for the 21st Century 7th Edition by Constance E. Bagley
Managers And the Legal Environment Strategies for the 21st Century
Chapter 5
Agency
True-False Questions
1. In agreeing to act on behalf of the principal, the agent becomes a fiduciary.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
2. In all cases, an agency agreement must be written in order to be enforceable.
ANSWER: False
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
3. Whether a person is an independent contractor or an employee depends on what he or she does, not how the relationship is characterized by the parties.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
4. A master-servant agency is a type of agency that is illegal.
ANSWER: False
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
5. An independent contractor is also considered an employee of the person for whom work is being done.
ANSWER: False
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
6. The Electronic Signatures in Global and National Commerce Act provides that contracts executed by electronic agents are invalid.
ANSWER: False
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
7. Implied ratification of an agent’s unauthorized acts can occur through the silence of the principal.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
8. The respondeat superior doctrine typically applies to the actions of independent contractors.
ANSWER: False
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
9. The principal has the right to demand reimbursement from the agent for any damages paid to a third party because of an agent’s negligence.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
10. The fact that leased workers are on the payroll of an employment agency does not preclude them from being considered employees of the company at which they are actually working on a joint employer theory.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
11. The term “usual authority” refers to the authority that an agent has been allowed to exercise in the past.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
12. An agent who refuses to follow legal instructions of a principal has breached the duty of care.
ANSWER: False
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
13. An undisclosed principal will be bound by any contract the agent enters into with actual authority.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
14. The Telephone Records and Privacy Protection Act of 2006 makes it illegal for a person to use fraud to obtain individual customer billing records and other customer information from telephone companies.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
15. Principals may be held liable for the torts of independent contractors involving highly dangerous acts.
ANSWER: True
SKILL LEVEL: Analytic
OBJECTIVE: AICPA: Legal
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