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A fiduciary relationship allows the parties to avoid obligations without liability.
ANSWER: F
PAGE: 638

A corporate officer is not an agent for the corporation.
ANSWER: F
PAGE: 638

An officer of a corporation cannot possess the power to bind the corporation. ANSWER: F
PAGE: 638

An agent is authorized to act on behalf of a principal in doing business with third parties.
ANSWER: T
PAGE: 638

An employee may act in the capacity of an agent.
ANSWER: T
PAGE: 638

A fiduciary relationship involves trust and confidence.
63 ANSWER: T
PAGE: 638
An independent contractor’s physical conduct is controlled, or subject to control, by his or her employer.
ANSWER: F
PAGE: 639

An agency
…show more content…
An agent owes his or her principal a duty to act in good faith.
ANSWER: T
PAGE: 645
TYPE:
=
NAT: AACSB Analytic
AICPA Legal
B13. An agency relationship may be created for any illegal purpose.
ANSWER: F
PAGE: 642
TYPE:
=
NAT: AACSB Analytic
AICPA Legal
A14. An agent must use reasonable diligence and skill in acting on behalf of his or her principal.
ANSWER: T
PAGE: 645
TYPE:
=
NAT: AACSB Analytic
AICPA Legal
B14. A principal can ratify an agreement made without authorization on his or her behalf by one who is not his or her agent.
CHAPTER 31: AGENCY FORMATION AND DUTIES
67
ANSWER: T
PAGE: 642
TYPE:
=
NAT: AACSB Analytic
AICPA Legal
A15. Information acquired through an agency relationship is confidential.
ANSWER: T
PAGE: 646
TYPE:
+
NAT: AACSB Analytic
AICPA Legal
68
TEST BANK A—UNIT SEVEN: AGENCY AND EMPLOYMENT
B15. A principal who causes a third person to believe that another person is the principal’s agent can be estopped from denying the agency relationship.
ANSWER: T
PAGE: 643
TYPE:
=
NAT: AACSB Analytic
AICPA Legal
A16. An agent must maintain separate accounts for the principal’s funds and the agent’s personal funds.
ANSWER: T
PAGE: 646
TYPE:
=
NAT: AACSB Analytic
AICPA Legal
B16. An agency relationship may not occur by operation of law in a family. ANSWER: F
PAGE: 644
TYPE:
N
NAT: AACSB Analytic
AICPA Legal
A17. A principal owes

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