When the two parties agree in writing to have the agent act as a limited agent, most fiduciary duties still apply. But the principals are giving up something. Which best describes the change in fiduciary duties under limited agency?
(a) There are limitations on the duty of obedience required from the agent.
(b) The loyalty duty for single agents is replaced with neutrality.
(c) Loyalty obligations now include both buyer and seller.
(d) The full disclosure duty has been expanded to include both parties.
Answer: (b) The loyalty duty for single agents is replaced with neutrality.
Business
You might also like to view...
In practice, most companies face complex situations. In these cases, a spreadsheet can help in preparing the statement of cash flows
Indicate whether the statement is true or false
Business
An external advertising agency is likely to be more objective than an in-house advertising department and also have a better understanding of consumers and trends
Indicate whether the statement is true or false
Business