QUESTION 15

1. Who can demand an accounting?
2. a.Principal.
3. b.Agent.
4. c.Both principal and agent.
5. d.Neither principal nor agent.

4 points

QUESTION 16

1. You want to start as business as the sole owner.Which entity form is not available?
2. a.None of the below are available.
3. b.Partnership.
4. c.LLC.
5. d.Corporation.

4 points

QUESTION 17

1. An agent owes the principal the duties of good faith, trust, confidence, and candor.What are these duties called?
2. a.Ratification duties.
3. b.Powers of attorney.
4. c.Fiduciary duties.
5. d.Indemnification duties.

4 points

QUESTION 18

1. Johnny is the agent of Bob.Acting under apparent but not actual authority, Eugene enters into a contract on Bob's behalf.Does Bob have recourse against Johnny?
2. a.Yes.
3. b.No.

4 points

QUESTION 19

1. True or False: If an employer designates a worker as an independent contractor, then that designation is controlling.
2. True
3. False

4 points

QUESTION 20

1. The principal, but not the agent, is bound by a contract where there is this type of principal:
2. a.Undisclosed principal.
3. b.Disclosed principal.
4. c.Unidentified principal.
5. d.Partially disclosed principal.

4 points

QUESTION 21

1. True or False: Corporations are always subject to double taxation.
2. True
3. False

4 points

QUESTION 22

1. If you are seeking to avoid double taxation, which entity form would younotchoose?
2. a.LLC.
3. b.Limited partnership.
4. c.Corporation.
5. d.General partnership.