Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Question
Principal Resources Corporation contracts with Quality Construction to build an addition to Principal's corporate office building. Quality contracts with Rite Supply Company for materials for the addition but refuses to pick up the materials. Meanwhile, Principal hires Skye, a certified public accountant, to work in its cost-accounting division as an employee, with no authority to hire or supervise others. Skye asks Theo, an outside experienced accountant, to advise her on certain accounting procedures but fails to pay Theo for the service. Principal also contracts with Uma, a salesperson, to solicit orders for its products in a designated territory. Uma obtains an order from Verity Industries, Inc., which is assured the order will be filled soon. But Uma does not follow through with the paperwork and fails to submit the order to Principal. Verity suffers a loss. Rite Supply, Theo, and Verity Industries claim Principal is liable under agency law. Discuss fully whether an agency relationship was created by Principal with Quality Construction, Skye, or Uma.Answer
This answer is hidden. It contains 1405 characters.
Related questions
Q:
A borrower has the right to purchase the property after default by paying the full amount of the debt, plus any interest and costs that have accrued.
Q:
A lender can make a higher-priced mortgage loan based on the value of the consumer's home without verifying the consumer's ability to repay the loan.
Q:
A borrower has a right to rescind a mortgage within three business days.
Q:
The annual percentage rate is the actual cost of a loan on a yearly basis.
Q:
Steering and targeting occur when a lender manipulates a borrower into accepting a loan product that benefits the lender but is not the best loan for the borrower.
Q:
Lenders are required to charge prepayment penalties on most subprime mortgages and home equity loans.
Q:
A reverse mortgage starts as a fixed-rate mortgage and then converts into an adjustable-rate mortgage.
Q:
Current City (CC) is a retail seller of television sets. CC sells Dhani a $5,000 large-screen, high-definition, plasma set on a retail installment security agreement in which he pays $100 down and agrees to pay the balance in equal installments. CC retains a security interest in the set, and perfects that interest by filing a financing statement centrally. Two months later, Dhani is in default on the payments to CC and is involuntarily petitioned into bankruptcy by other creditors. Discuss CC's right to repossess the TV set and whether CC has priority over the trustee in bankruptcy to any proceeds from the disposal of the set.
Q:
Wilbur files a petition in bankruptcy for relief through an individual's repayment plan. Wilbur is granted a discharge. Debts that will not be discharged include claims for
A.contributions to employee benefit plans.
B.money to be paid for services not rendered.
C.fraudulently incurred debt.
D.long overdue credit-card debt.
Q:
Petulia is a debtor. Her employer Quantum Investments, Inc., her alma mater State University, and TimePay Credit Company are her creditors. For these parties, a petition in bankruptcy for relief through an individual's repayment plan could be filed on Petulia's behalf by Petulia and
A.none of the other parties.
B.her employer or her creditors.
C.her creditors only.
D.her employer only.
Q:
To adjust debt and institute a repayment plan, Charlie-who is not a corporation, a partnership, or a family farmer or fisherman-may file a petition in bankruptcy for relief through
A.a liquidation.
B.a reorganization.
C.a repayment plan.
D.a family-farmer bankruptcy plan.
Q:
For action to be taken during a shareholders' meeting, a quorum must be present.
Q:
The article of corporation cannot exclude shareholders' voting rights.
Q:
Shareholders' meetings do not have to occur on any regular basis.
Q:
A corporate officer is expected to be informed on corporate matters.
Q:
A board of directors can delegate some functions to corporate officers.
Q:
Directors are rarely compensated, but when they are, they can set their own compensation.
Q:
A director usually serves on a corporation's board for a life term.
Q:
An individual director does not act as an agent to bind the corporation.
Q:
Frothy Beverage Corporation is a public company whose shares are traded in the public securities markets. Under the Securities Act of 1933, Frothy is required to
A.contribute to the operations of national stock exchanges.
B.disclose financial and other information about its securities.
C.engage in market surveillance to deter undesirable practices.
D.solicit proxies for voting.
Q:
Pumping up a company occurs when a single person using multiple aliases on an online forum creates the illusion of widespread interest in a stock.
Q:
"Forward-looking" financial forecasts are prohibited under SEC Rule 10b-5.
Q:
The Securities Exchange Act of 1934 provides for continuous, periodic disclosures by publicly held corporations.
Q:
Against a charge of a violation of the Securities Act of 1933, only an issuer of stock can assert the due diligence defense.
Q:
Few securities can be resold without registration.
Q:
A free-writing prospectus may be used before the Securities and Exchange Commission completes its review of a related registration statement.
Q:
Sales of securities must occur within five days of registration.
Q:
Naomi and Ogden are shareholders of MediCare Residences, Inc. As shareholders, they must approve
A.conducting a merger.
B.deciding to pursue new business opportunities.
C.terminating a managerial employee.
D.negotiating a contract between management and labor.
Q:
It is not unlawful for an employer to retaliate against an employee who has opposed a discriminatory employment practice.
Q:
An employer with fewer than fifteen employees is automatically shielded from federal employment discrimination laws.