If the principal loses their mental capacity to continue the agency relationship, the agent may continue to operate on the principal's behalf until the purpose of the agency has been fulfilled. T/F
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If the principal loses their mental capacity to continue the agency relationship, the agent may continue to operate on the principal's behalf until the purpose of the agency has been fulfilled.
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- Peter Andrus owned an apartment building and has been operating as sole proprietor from its inception. Recently, he has been delegating much of the running of the building to his newly hired administrative assistant. Mr. Andrus has been reading about the concept of agency relationship and is becoming concerned about liability should anything happen during the course of his administrative assistant acting on his behalf. You have been tasked with responding to Mr. Andrus’ questions and concerns as follows: Explain the requirements for a valid agency relationship. Provide a real-world example of an Agent-Principal relationship you are familiar with and explain why you consider this an agency relationship. Discuss what is required to ratify an agency contract and what would be the responsibility of the principal.Harold is a sales manager associated with TickTock Watches for the past thirty-five years; he was instrumental in the company's success. As an attempt to dissuade Harold from complete cessation of work, the management of TickTock Watches provided Harold with reduced working hours and offered him the role of a mentor. In this scenario, the arrangement offered to Harold by TickTock Watches is _____. a. voluntary retirement b. bridge retirement c. phased retirement d. early retirementMadelle sought Sales Associate Sally's help in the search of an affordable townhouse in her area. Sally agreed to show Madelle some properties once Madelle signed a buyer representation agreement. Madelle agreed but was surprised to see the name of Broker Sam on the contract and asked Sally why that was so. Decide which of the following BEST represents what Sally's response should be. Agency relationships are created on the broker level. That allows Sam to step in if anything happens to Sally. It's just a way of tracking the activity of sales associates who work within the brokerage
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