Which is a list of duties owed to a principal by an agent?

A. Loyalty, compensation, reasonable care, accounting
B. Loyalty, confidentiality, reasonable care, accounting
C. Performance, compensation, reasonable care, indemnification
D. Performance, confidentiality, loyalty, indemnification

Answer: B. Loyalty, confidentiality, reasonable care, accounting
Duties that an agent owes to all parties (including the principal) are reasonable skill and care, honesty and good faith, presenting written communications, disclosure of material facts, accounting, providing agency law pamphlet, and making an agency disclosure. In addition, an agent owes the principal the duties of loyalty, disclosure of conflicts of interest, confidentiality, advising the principal to obtain expert advice, and good faith and continuous effort. Compensation, indemnification, and performance are not duties an agent owes the principal.

Business

You might also like to view...

Which of the following accounts increases with a credit?

A) Dividends B) Common Stock C) Accounts Receivable D) Prepaid Expense

Business

A skip question is one that is skipped by most respondents due to its difficulty

Indicate whether the statement is true or false

Business