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
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
