Question 26

A limited liability company must be managed by the owners.

True

False

Question 27

Employment agreements are governed by the common law of contracts.

True

False

Question 28

What are the primary duties of the principal to the agent?

		Obedience to the legal and ethical orders of the agent
		Contractual duties, such as compensation and reimbursement
		The principal does not have duties to the agent, but the agent has duties to the principal
		The principal must fulfill her fiduciary obligation to the agent