Asked by
Peyton Schaefer
on Nov 30, 2024
Verified
A gratuitous agent:
A) is a paid agent.
B) is subject to the same duty of loyalty as other agents.
C) has no duty of diligence.
D) need not be reimbursed for her expenses.
Gratuitous Agent
An individual who acts on behalf of another without receiving any compensation or benefit, motivated by voluntary intent or relationship.
Duty of Loyalty
An obligation of an individual, such as a director of a company, to act in the best interests of the company or another person, without personal conflict.
- Determine the legal responsibilities, including loyalty, accounting, and disclosure obligations, that agents must uphold for their principals.
Verified Answer
SS
Learning Objectives
- Determine the legal responsibilities, including loyalty, accounting, and disclosure obligations, that agents must uphold for their principals.