1.Yuan retains Stanton to act as Yuan's agent to purchase a painting from Millan.Stanton buys the painting for himself, however, and re-sells it to Murphy, for a profit.In doing Stanton has breached which duty to Yuan?

A.Respondeat superior.

B.Fiduciary.

C.Statutory.

D.Indemnification.

2.An agent will be personally liable on a contract when:

A.The agent has actual authority.

B.The agent has implied authority.

C.The principal is disclosed.

D.The principal is partially disclosed or undisclosed.

3.Which of the following is NOT an element of a partnership?

A.Partners share profits and losses.

B.Partners owe each other fiduciary duties.

C.Partners are entitled to participate in the management of the business.

D.Partners may freely transfer their entire partnership interest to third parties.

4.Which of the following would be necessary for a valid ratification by a principal of an agent's unauthorized transaction?

A.The principal must ratify the entire transaction.

B.The principal must have complete knowledge of all pertinent facts regarding the transaction.

C.The transaction ratified must be valid and lawful.

D.All the above.