What is an agent's duty to account?
What will be an ideal response?
Unless otherwise agreed, an agent owes a duty to maintain an accurate accounting of all transactions undertaken on the principal's behalf. This duty to account includes keeping records of all property and money received and expended during the course of the agency. A principal has a right to demand an accounting from the agent at any time, and the agent owes a legal duty to make the accounting. This duty also requires the agent to maintain a separate account for the principal, and use the principal's property in an authorized manner. Any property, money, or other benefit received by the agent in the course of an agency belongs to the principal. If an agent breaches the agency contract, the principal can sue the agent to recover damages caused by breach.
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You should choose the kind of heading that fits your purpose—single word, phrase, sentence, question—and consistently use that form throughout the report
Indicate whether the statement is true or false
All of the following are used in estimating a depreciable asset's useful life except
A) the asset's present condition. B) the useful life required by the government for tax purposes. C) experience with similar assets. D) current technology and industry trends.
You are considering investing in a bank account that pays a nominal annual rate of 7%, compounded monthly. If you invest $3,000 at the end of each month, how many months will it take for your account to grow to $310,000?
A. 95.70 B. 90.84 C. 72.18 D. 81.11 E. 93.27
All of the following statements about the decision implementation phases are true EXCEPT
A) implementation is every bit as important as the decision itself. B) employees need only the decisions from the CEO, not the rationale. C) ERP, CRP, and BPM tools can all help track decision implementation. D) ES and KMS can help in training and support for decision implementation.