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Exam (elaborations)

CPA Exam – Regulation (REG): Agency Law Concepts and Liability Principles

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This document reviews key principles of agency law for the CPA Regulation (REG) section. It explains the creation of agency relationships, types of agency disclosure (disclosed, partially disclosed, and undisclosed), and duties between principals and agents. Also covered are liability rules under actual and apparent authority, the master/servant relationship, vicarious liability, and legal doctrines like respondeat superior. Ideal for mastering core legal concepts tested on the REG portion of the CPA exam.

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Institution
Microeconomics
Course
Microeconomics

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Uploaded on
May 28, 2025
Number of pages
2
Written in
2024/2025
Type
Exam (elaborations)
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CPA Reg (Agency)
A principal and agent relationship requires a ✔✔Meetings of the minds and consent to act

Disclosed Agency ✔✔3rd party knows indentity of the principal

(Only Principal and 3rd party have liability)

Partially Disclosed Agency ✔✔3rd party knows there is a principal, but not exact identity

Undisclosed Agency ✔✔3rd party does not know there is a principal

Agent appears to be the principal

Duties of Agent to Principal ✔✔Obedience

Reasonable Care

Accounting

Notification

Loyalty

Duties of a Principal to an Agent ✔✔Compy with the agency agreement

Reimburse reasonable expenses

To indemnify

Compensate for physical injury

Agent's Duty of Loyalty ✔✔No competition

No conflict of interest

No appropriation of business opportunities
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