1 True or False An agents duties must always be explicitly delineated in a contracts terms 2 Lisle has the title for his sisters boat and has been entrusted with the job of selling the boat for her Lisle is An independent contractor A broker Indeterminable without more information A factor 3 Kathy is an agent assigned with purchasing art work for her principal, Tyler Some artwork she purchases for Tyler turns out to be a forgery Which of the following is true Kathy has broken her duty of notification regardless of whether or not she knew the art was a forgery Kathy has not broken her duty of notification as long as Tyler doesnt know the art is a forgery Kathy has broken her duty of notification unless she knew the art was a forgery Kathy has not broken her duty of notification if she did not know the art was a forgery and acted with good judgment 4 Jane signs a contract in the interest of her undisclosed principal Which of the following is true Only Jane is liable Only Janes principal is liable Indeterminable with current information Jane and her principal are liable

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Question: 1. True or False: An agents duties must always be explicitly delineated in a contracts terms. 2. Lisle has the title for his sisters boat

1. True or False: An agents duties must always be explicitly delineated in a contracts terms.

2. Lisle has the title for his sisters boat and has been entrusted with the job of selling the boat for her. Lisle is:

An independent contractor
A broker
Indeterminable without more information
A factor

3. Kathy is an agent assigned with purchasing art work for her principal, Tyler. Some artwork she purchases for Tyler turns out to be a forgery. Which of the following is true?

Kathy has broken her duty of notification regardless of whether or not she knew the art was a forgery.
Kathy has not broken her duty of notification as long as Tyler doesnt know the art is a forgery.
Kathy has broken her duty of notification unless she knew the art was a forgery.
Kathy has not broken her duty of notification if she did not know the art was a forgery and acted with good judgment.

4. Jane signs a contract in the interest of her undisclosed principal. Which of the following is true?

Only Jane is liable.
Only Janes principal is liable.
Indeterminable with current information
Jane and her principal are liable.

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