A Durable Power of Attorney Differs from a Power of Attorney

question 35

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:

Antimacassars

Protective coverings placed over the backs or arms of chairs and sofas to prevent soiling or wear, originally designed to protect furniture from the macassar oil used in men's hair grooming in the 19th century.

Labor Supply Curve

A graphic representation showing the relationship between the wage rate and the quantity of labor that workers are willing to supply.

Marginal Cost

The extra cost incurred by producing one more unit of a product or service; important in determining the optimal production level.

Weekly Wage

The total of an individual's earnings before taxes and other deductions, received on a weekly basis for labor or services provided.