In a principal-agent relationship that is not contractual, which of the following remedies is not available to the agent whose principal is guilty of violating a duty owed the agent?
Specific performance
Which of the following rights will a third party be entitled to after validly contracting with an agent representing an undisclosed principal?
Performance of the contract by the agent
Noll gives Carr a written power of attorney. Which of the following statements is correct regarding this power of attorney?
It may limit Carr's authority to specific transactions
Young Corp. hired Wilson as a sales representative for six months at a salary of $5,000 per month plus 6% of sales. Which of the following statements is correct?
Wilson is obligated to act solely in Young's interest in matters concerning Young's business.
Which of the following actions requires an agent for a corporation to have a written agency agreement?
Purchasing an interest in undeveloped land for the principle
Under the liability provision of Section 18 of the SE Act of 1934, for which of the following actions would an accountant generally be liable?
Intentionally preparing and filing with the SEC a reporting corporation's incorrect quarterly report
What defense must an accountant establish to be absolved from civil liability under Section 18 of the SE Act of 1934 for false or misleading statements made in reports or documents filed under the Act?
Good faith and lack of knowledge of the statement's falsity
Doug was the sole general partner in Heavy Foot, Limited Partnership. While driving to work one morning, Doug died in a car accident. The limited partnership
dissolves by operation of law as a result of Doug's death
Card communicated an offer to sell Card's stereo to Bend for $250. Which of the following statements is correct regarding the effect of the communication of the offer?
Card is NOT obligated to sell the stereo to Bend until Bend accepts the offer
John Q. Dillinger is the outgoing Commissioner of the IRS. In his final public meeting with IRS employees, he addressed changes that he would like to see made to the IRS audit and appeals process. Which of the following statements that he made at this mee
Following an audit, if agreement is reached with the taxpayer, the taxpayer signs Form 870.
Under the Secured Transactions article of the UCC, when does a security interest become enforceable?
The value has been given, the secured party receives a security agreement describing the collateral authenticated by the debtor, and the debtor has rights in the collateral.
If a CPA recklessly departs from the standards of due care when conducting an audit, the CPA will be liable to third parties who are unknown to the CPA based on:
Gross negligence