Briefly Describe the Types of Duties Owed by an Agent

question 69

Essay

Briefly describe the types of duties owed by an agent to his principal and indicate which of those duties would be considered to be the most important.Contrast the agent's duties with those owed to the agent by his principal.

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Definitions:

Fair Value

The price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Jointly Controlled Operation

A joint operation where the parties that have joint control of the operation have rights to the assets, and obligations for the liabilities, relating to the arrangement.

Cash Position

A company's total cash and liquid assets minus its liabilities.

Joint Venturer

is an entity that engages in a joint venture, sharing control, resources, and risks with other ventures.