Characteristics

Question 1

As a fiduciary to the principal

Answer 1

an agent must act in the best interest of the principal

Question 2

An agent

Answer 2

must refrain from competing or acting adversely to the principal unless the principal knows

Question 3

Under the statue of frauds an agreement

Answer 3

a contract that can be completed within a year does not have to be in writing

Question 4

To have an agency coupled with interest

Answer 4

the agent must have property interest or security interest

Question 5

In all agency relationships (except agency coupled with interest)

Answer 5

the principal has the power to dismiss an agent

Question 6

The principal

Answer 6

does not owe a fiduciary duty to the agent

Question 7

A contract between agent and principal

Answer 7

is not required