Who is liable to a third party if an agent exceeds his or her authority to act on behalf of the principal?Multiple choice question.Neither the agent nor the principalThe principalThe agentAny incidental beneficiary

An agent who acts within the scope of his or her authority on behalf of a disclosed principal is: Blank______.Multiple choice question.personally liable for contractual nonperformancepersonally liable because he or she is a party to the transactionnot liable, but only if the contract expressly excludes the agent from contractual liabilitynot liable for the acts of the principal

In certain situations, the agent is the only party liable for the contract even when the agent acts within his or her authority on behalf of an undisclosed principal. Identify these situations. (Check all that apply.)Multiple select question.The contract expressly excludes the principal from the contract.The third party enters into a contract with the agent such that the agent's performance is required and the third party may reject the performance of the principal.The agent enters into a contract that is a nonnegotiable instrument. The principal or agent knows a third party would enter into a contract with the principal if the principal's identity were disclosed but the agent does not disclose the identity anyway.

What type of principal is known by the third party when an agreement is made with an agent?Multiple choice question.An attorney-in-factAn apparent principalA ratified principalA disclosed principal

Multiple Choice QuestionTwo parties are involved in an agency relationship: The _______ is the one who wishes to have a specific task accomplished; the _______ is the one who acts on behalf of the person to accomplish the task.Multiple choice question.agent; principalplaintiff; defendantprincipal; agentdefendant; plaintiff

Which one of the following is not necessarily a characteristic of an agent–principal relationship?The agent's authority may be general, or it may be restricted in some way.The agent has a duty to fairly represent the principal and to act in the best interests of the principal.Any third party with whom the agent deals has the right to rely on the agent's authority and to hold the principal legally responsible for its dealings with the agent.The agent is an employee of the principal.