A Durable Power of Attorney Differs from a Power of Attorney

question 15

Multiple Choice

A durable power of attorney differs from a power of attorney in that the durable power of attorney:

• A) is a formal written instrument, whereas the power of attorney may be informal and oral.
• B) must follow a standardized form set forth in the federal Uniform Durable Power of Attorney Act.
• C) becomes effective upon the principal's subsequent incapacity or the agent's authority is not affected by the principal's subsequent incapacity.
• D) is governed by Article 3 of the UCC.

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Definitions:

Socially Efficient

An allocation of resources is considered socially efficient if it cannot be reallocated in a way that improves the wellbeing of one individual without worsening the situation of another.

Collude

To collaborate secretly and illegally with others with the aim of deceiving or obtaining an unfair benefit.

Controlling

The process of measuring performance and taking action to ensure desired results.

Organizing

The process of defining and assigning tasks, allocating resources, and providing resource support.