What Are the Duties Required of an Agent

question 29

Multiple Choice

What are the duties required of an agent?

• A) reimburse the principal for out-of-pocket expenses
• B) pay the principal for services rendered
• C) abide by the terms of the agency agreement
• D) indemnify the principal for agency business losses

Understand the rights of partners to be indemnified for personal expenditures on behalf of the partnership.

Recognize the entities' liability for torts committed by partners within the scope of partnership business.

Understand partnership authority types (express, implied, apparent) and management powers.

Grasp the implications of partnership agreements on partner authority, liability, and decision-making processes.

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Definitions:

Abandoning Markets

The strategic decision to exit a market segment or stop marketing efforts in a particular geographic or product area.

Hierarchy Of Effects

A model describing the stages a consumer goes through, from awareness to knowledge, liking, preference, conviction, and finally purchase.

Need Recognition

The first stage in the consumer buying process, where a potential buyer realizes a difference between their current state and a desired state.

Evaluation

The systematic assessment of the performance, value, or importance of something.