Posted: November 16th, 2023

and accept offers from people who want to purchase the house

ex53. Marcus employs a real estate broker, Dean, to sell his house. Dean's express powers are to advertise and market the house for sale, show the house to prospective buyers, and accept offers from people who want to purchase the house. He is not allowed to seal a deal without Marcus's consent. Marcus goes away on a month-long trip during which he cannot be contacted. During this time, a short circuit in the house causes a power outage. Dean uses his authority to hire an electrician to repair the circuits and restore electricity to the house. Marcus then comes back and pays Dean for the electricity repair. What is the nature of the agency that Dean used to fix the electricity problem in the house?A. implied agencyB. agency by ratificationC. power of attorneyD. express agency9.Which of the following is true regarding a fully disclosed agency?A. The third party does not know the identity of the principal.B. The third party knows the name of the principal, but all transactions are done with the agent.C. The contract is between the principal, agent, and the third party.D. The principal is liable based on the contract with the third party.10. A __________ is a deceit in which an agent makes an untrue statement that he or she knows is not true.A. partially disclosed agencyB. misrepresentationC. respondeat superiorD. dual-purpose mission11. Which of the following is true regarding workers' compensation?A. A worker must file a complaint with the police before claiming workers' compensation.B. Workers' compensation is a provisional remedy, not an equitable remedy.C. A worker who receives workers' compensation cannot sue his/her employer.D. Workers' compensation is generally awarded as punitive damages in a lawsuit initiated by the injured employee.13. Which of the following is a fiduciary duty required by an agent not to act adversely to the interests of the principal?A. duty of loyaltyB. duty of undertakingC. duty of dischargeD. duty of resolution25. Which of the following is true of a limited partnership agreement?A. It provides that all transactions must be approved by all partners.B. It does not contain information about dissolution of the partnership as it is an agreement of formation.C. It provides that general and limited partners have equal voting rights.D. It sets forth the terms and conditions regarding the termination of the partnership.26. What is "maximizing profits" as a social responsibility theory in business?A. The theory that a corporation must consider the effects its actions have on people other than its shareholders.B. The theory that a corporation's duty is to make a profit while avoiding causing harm to others.C. The theory that a corporation has a duty to take actions that increase profits for shareholders.D. The theory that a business owes responsibility to its stakeholders rather than just its shareholders.27. A limited partnership has two types of partners, __________.A. general partners and sole proprietorsB. general partners and limited partnersC. ordinary partners and liable partnersD. special partners and sole proprietors29. A social responsibility theory of business which says that a corporation's duty is to make a profit while avoiding causing harm to others is referred to as __________.A. stakeholder interestB. corporate citizenshipC. maximizing profitsD. moral minimum31. Which of the following best describes an entrepreneur?A. a person who forms and operates a businessB. a person who invests in an existing businessC. a person who lends capital to a new businessD. a person who derives a profit from a new or existing business

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