A principal has no duty to compensate his or her agent if:
a. the agent breached the duty of obedience.
b. the agent breached the duty of loyalty.
c. it is a gratuitous agency.
d. All these are correct.
d
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The _____________________ rate of interest is the rate that bondholders could obtain by investing in other bonds that are similar to the issuing firm's bonds
Fill in the blank(s) with correct word
Which of the following is LEAST likely to be performed by a public relations department?
A) product publicity B) lobbying C) sponsorships D) media vehicle selection E) press releases
Which of the following statements is true about in rem jurisdiction?
A) When the owner of a property cannot be located for personal service, a court with in rem jurisdiction could order the property sold. B) If the property under dispute is outside the state, but the owner is within the state, the court has in rem jurisdiction over the property. C) In rem jurisdiction grants a court the power to review a previously made decision. D) In rem jurisdiction grants a court the power to try a case without a jury.
A contract for the purchase of ranch land contained the following provisions: "Condition of Property: Neither Seller nor any Agent makes any representations or warranties regarding the condition of the Property. Except as otherwise stated in this
Contract or addenda, Purchaser accepts the Property in its present 'AS IS' condition." The contract also provided: "NO ORAL STATEMENT, REPRESENTATION, PROMISE, OR INDUCEMENT SHALL HAVE ANY VALIDITY NOR SHALL BE A PART OF THIS AGREEMENT." "DISCLAIMER: The Seller and Purchaser further acknowledge that neither of them have relied upon the representations, covenants, statements, warranties, or advice of any Broker, or agent of any Broker related to the legal and tax consequences of this contract or any other aspect of this contract unless expressly stated herein." After purchasing the property, the purchasers, Jason and Russell, made improvements to the property, which included constructing a lodge beside the lake and constructing two permanent docks on the lake. However, they discovered that the water level in the lake stayed low except for short periods immediately following a heavy rain. When the water level was low, 30 to 40 feet of shoreline was exposed and the permanent docks were above the head of anyone in a boat on the lake. Russell and Jason purchased the property to entertain clients and had intended for the lake to be the "jewel" of the property. The low water levels made the lake an eyesore rather than a jewel. Jason and Russell sued the seller and the real estate broker and agent for various forms of fraud through their misrepresentations that the lake was low due to the drought and that there was no problem with the lake. Discuss the liability of the broker and agent.