Asked by Samende Kamana on May 09, 2024
Verified
All of the following except which one is a duty of an agent?
A) Account for money received on behalf of his principal.
B) Inform his principal of any information relevant to his agency.
C) Refrain from competing with his principal.
D) After the agency is terminated, refrain from using any information gained while an agent.
Competing
Engaging in a rivalry or competition with others in an attempt to achieve a specific goal, often referring to businesses vying in the same market or industry.
Terminated
Refers to the ending or discontinuation of something, such as employment, a contract, or a project.
- Understand the statutory duties that agents are required to perform for their principals, which encompass loyalty, financial accountability, and provision of information.
Verified Answer
ZN
Zaeem NasarullahMay 13, 2024
Final Answer :
D
Explanation :
Duty D, refraining from using any information gained while an agent after the agency is terminated, is not a general duty of an agent. The primary duties of an agent include accounting for money received on behalf of the principal, informing the principal of relevant information, and refraining from competing with the principal. However, the obligation regarding the use of information after termination of the agency can vary based on the terms of the agreement and specific laws, but it is not considered a general duty like the others listed.
Learning Objectives
- Understand the statutory duties that agents are required to perform for their principals, which encompass loyalty, financial accountability, and provision of information.
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