1. Explain three ways an agency relationship can be created.
2. Explain the difference between the actual authority of agents to enter into contracts on behalf of their principals and their apparent authority to do so.
3. Describe situations in which an agent's fiduciary duty to act in the best interests of a principal and their duty of care protect the principal.
4. Describe the special legal requirements imposed on agents working in some areas, like real estate, that are designed to protect people who deal with them.
5. Explain how a sole proprietorship is created and how it operates.
6. Describe the advantages and disadvantages of using a sole proprietorship to carry on business.
7. Identify and apply the factors that determine when a partnership comes into existence.
8. Identify the key elements of a partnership agreement.
9. Explain the difference between general and limited partnerships.