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Contractual Liability of an Agent

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Most contracts that are made under an agency relationship use which of the following?

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1. Maggie hires Monty to be her real estate agent. Monty goes to several open houses and makes a bid on one house. Monty never tells the homeowner that he is a real estate agent and that he is making the bid on Maggie's behalf. What is this an example of?

2. Maggie hires Monty to be her real estate agent. Monty goes to several open houses and makes a bid on one house. Monty tells the homeowner that he is a real estate agent and that the bid is on behalf of a client, but never mentions that he is working on behalf of Maggie. What is this an example of?

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About this Quiz & Worksheet

This quiz and corresponding worksheet gauge your understanding of contractual liability. Topics you'll need to know to pass the quiz include principal and agent.

Quiz & Worksheet Goals

Use these assessment tools to assess your knowledge of:

  • Types of principals
  • Identify principals based on examples
  • How an agent can escape personal liability for a contract

Skills Practiced

This worksheet and quiz let you practice the following skills:

  • Reading comprehension- ensure that you draw the most important information from the related contractual liability lesson
  • Distinguishing differences- compare and contrast the different types of principals discussed in the lesson
  • Knowledge application- use your knowledge to answer questions about contractual liability

Additional Learning

To learn more about contractual liability, review the lesson called Contractual Liability of an Agent. This lesson covers the following topics:

  • Define an agency relationship
  • Review the difference between a principal and an agent
  • Study examples of the different types of principals
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