which of the following statements is true of a general power of attorney?

Who can be an agent of a power of attorney?

All of the following statements concerning a power of attorney are true except: a. POA can be used by authorized person to transfer real estate b. POA is not effective if the person signing the POA is mentally incompetent at the time of signing c. A special POA authorizes only specific transactions d. POA cannot be used after death to dispose of.

What is a general power of attorney form?

May 29, 2018 · Specific types of POAs, other than the Internal Revenue Service Form 2848, Power of Attorney and Declaration of Representative, include the following: General POA - An authorization of the performance of any or all acts, including, but not limited to, conducting real estate transactions, making financial arrangements, taking legal actions ...

Can a general partner sign a power of attorney (POA)?

• Read General Power of Attorney FAQs and Instructions • Choose one General Power of Attorney that best fits your situation (Regular or Durable) • Complete the General Power of Attorney Form that best fits your situation . STEP 2: TAKE. the following to a Notary Public. You may find a Notary at most banks or listed in the telephone book

Who is responsible for the verification of a power of attorney?

as a true and lawful attorney -in-fact, to do any and every act and deeds and exercise every power on his own discretion and liability, that the company shall deem proper and adv isable, intending hereby to vest in his full and general Power of Attorney, including but not …

What type of power of attorney allows the agent to conduct all business for the principal multiple choice question?

A general power of attorney allows the agent to act on behalf of the principal in any matters, as allowed by state laws.

What type of power of attorney is meant to continue beyond the principal's incapacitation?

A durable power of attorney can withstand the mental incapacity of the individual, but not death. A durable POA allows the agent to continue to act on the principal's behalf, even if the principal is mentally incompetent.Jul 11, 2018

What type of principal exists when his or her identity is not known but the third party is aware that the agent is making an agreement on behalf of the principal?

partially disclosed principalA partially disclosed principal or “unidentified principal” is a person whose existence but not identity is made known to the third party through words or the performance of an authorized act.Jul 29, 2016

What is the legal theory that a principal is liable for the actions of an agent who is working for her?

Respondeat Superior� Respondeat Superior: The doctrine by which an employer or other principal is liable, along with the agent or employee, for any tort committed by the agent or employee while acting within the scope of their agency or employment.

What is general power of attorney in India?

In a nutshell, the General Power of Attorney is just a authority document issued by the Guarantor to Grantee to perform certain acts on his behalf and is also required to be registered as per respective state provisions but convey any ownership right or title of the property to the guarantor.

What are the 4 types of power of attorney?

AgeLab outlines very well the four types of power of attorney, each with its unique purpose:General Power of Attorney. ... Durable Power of Attorney. ... Special or Limited Power of Attorney. ... Springing Durable Power of Attorney.Jun 2, 2017

When a principal is classified as a disclosed principal Which of the following is true?

A. If the third party is aware of the principal's existence but not his or her identity, the principal is classified as a disclosed principal.

Which of the following is true of implied authority?

Which of the following is true of implied authority? It is usually derived from a grant of express authority by the principal. ... This means that she has the authority to make contracts that are reasonably necessary for conducting the business.

When determining whether or not a person is an employee or an independent contractor for purposes of agency law what is the most important factor?

The crucial factor in determining whether someone is an independent contractor or an employee is the degree of control that the principal has over that party.

Is the principal or agent liable?

An agent is not generally liable for contracts made; the principal is liable. But the agent will be liable if he is undisclosed or partially disclosed, if the agent lacks authority or exceeds it, or, of course, if the agent entered into the contract in a personal capacity.

Are principal's vicariously liable for torts committed by their agents?

Under the doctrine of respondeat superior, a principal may be vicariously liable for a tort committed by an agent acting within the scope of his employment. The principal is liable despite the absence of tortious conduct by the principal. This is also known as "derivative liability."

What is the law when it comes to liability for a principal for an agent's tort?

If the principal directed the agent to commit a tort or knew that the consequences of the agent's carrying out his instructions would bring harm to someone, the principal is liable. This is an application of the general common-law principle that one cannot escape liability by delegating an unlawful act to another.

What kind of contract existed between Marlon and Nita?

Marlon intends to sell a piece of real estate he owns and contracts Nita, a real estate broker, to make the sale. In the contract, Marlon authorizes Nita to make the sale at or above a minimum price he wants and the date by which he wants the sale to be completed.

When a third party is aware an agent is making an agreement on behalf of a principal and also knows who the principal is the principal is said to be?

1)disclosed principal: when the third party is making an agreement on behalf of a principal and also know who the principal is.

Which of the following torts committed by an agent is the liability of the principal?

A principal is liable for the tortious conduct of an agent who is acting within the scope of the agent's authority. Liability is imposed for misrepresentation, negligence, and intentional torts. A principal is liable for the negligent conduct of agents acting within the scope of their employment.

Which of the following is true of dual agency?

Which of the following statements is TRUE regarding dual agency? Dual agency limits the level of representation that can be offered by the licensee and also prohibits the licensee from acting exclusively for either party.

Which of the following is true of workers compensation?

Which of the following is true of workers' compensation? Workers' compensation is only awarded for injuries resulting from the job. ... A worker who receives workers' compensation cannot sue his employer.

What type of principal is known by the third party when an agreement is made with an agent?

disclosed principalA disclosed or partially disclosed principal is liable to a third party for a contract made by an agent who is acting within the scope of his or her authority. Disclosed Principal: A principal whose identity is known to the third party at the time the agent makes a contract for the principal with the third party.

When a third party knows an agent is acting on behalf of a principal but does not know the identity of the principal?

A principal is unidentified if, when an agent and a third party interact, the third party has notice that the agent is acting for a principal but does not have notice of the principal's identity. (3) Gratuitous agent.

When can a third party use apparent authority to bind an organization to a contract?

The third party must prove it acted on a “reasonable belief” that the agent had apparent authority. The third party cannot recover under a breach of contract claim if it knew (or should have known) the agent was actually acting beyond the scope of his or her authority.Sep 21, 2015

What is tort liability?

A tort is a legal term describing a violation where one person causes damage, injury, or harm to another person. ... A tortfeasor incurs tort liability, meaning that they will have to reimburse the victim for the harm that they caused them.Apr 24, 2018

Is the principal or agent liable?

An agent is not generally liable for contracts made; the principal is liable. But the agent will be liable if he is undisclosed or partially disclosed, if the agent lacks authority or exceeds it, or, of course, if the agent entered into the contract in a personal capacity.

Which of the following parties is held liable for the torts and crimes of the agents of a corporation when they are acting within their duties as agents?

A principal is responsible for the tortious acts of an agent done within the Scope of Employment. This is pursuant to a doctrine known as "respondeat superior".Sep 24, 2021

Q 1. Which article in the Indian Constitution deals with the Attorney General of India?

Ans. Article 76 deals with the office of the Attorney General of India. (Read more on important articles in the Indian Constitution in the linked...

Q 2. Who appoints the Attorney General of India?

Ans. The President of India appoints the Attorney General on the advice of the council of ministers.

Q 3. Can the Attorney General of India participate in proceedings of the Indian Parliament?

Ans. Yes, he can, although he has no right to vote in the proceedings.

Q 4. How is the Attorney General of India different from the Chief Justice of India?

Ans. The Attorney General of India is responsible for the amendment and enforcement of laws. However, the Chief Justice of India is responsible to...

What is periodic program review?

Periodic program reviews are conducted by FESP to:#N#Assess the effectiveness of specific programs within Examination or across the organization,#N#Determine if procedures are followed,#N#Validate policies and procedures, and#N#Identify and share best/proven practices.

Who is responsible for providing policy and guidance for SB/SE Examination employees?

The Director, Headquarters Examination, is the executive responsible for providing policy and guidance for SB/SE Examination employees and ensuring consistent application of policy, procedures and tax law to effect tax administration while protecting taxpayers’ rights. See IRM 1.1.16.3.5, Headquarters Examination for additional information.

Can an unenrolled return preparer be incompetent?

Unenrolled return preparers are ineligible to exercise the privilege of limited practice before the Internal Revenue Service if the unenrolled return preparer has engaged in any conduct (including incompetence) prohibited by Rev. Proc. 81-38 or Rev. Proc. 2014-42.

What is an enrolled agent?

Any individual who is enrolled as an agent to practice before the Internal Revenue Service and is in active status pursuant to the requirements of Circular 230. Fiduciary.

Who can represent the taxpayer before the IRS?

Under certain circumstances, an individual other than an attorney, CPA, enrolled agent, enrolled actuary, or student in LITC/STCP who prepares and signs a tax return or claim for refund, may represent the taxpayer before the Internal Revenue Service as an unenrolled return preparer, or non-credentialed preparer. Unenrolled or non-credentialed return preparers may represent the taxpayer before revenue agents, tax compliance officers, customer service representatives, or similar officers or employees of the Internal Revenue Service, including the Taxpayer Advocate Service. Unenrolled or non-credentialed return preparers may not:

Can I send a TEFRA form to POA?

Correspondence may only be sent to a TEFRA investor's POA if the Form 2848 meets the requirements of 26 CFR 301.6223 (c)-1 (e). This requirement is in addition to the regular taxpayer identification by name, address, TIN, and tax year of the investor.

What is Form 2848?

The Internal Revenue Service Form 2848 is a limited POA. Practice before the Internal Revenue Service. This encompasses all matters connected with a presentation of information to the Internal Revenue Service relating to a taxpayer's rights, privileges, or liabilities.

What is Article 76?

Article 76 of the Indian Constitution under its Part-V deals with the position of Attorney General of India. The topic is important for IAS Exam and its three stages – Prelims, Mains and Interview. It is an important section of Indian Polity which is a significant subject in the UPSC Civil Services Examination.

Who was the first Attorney General of India?

The above-given data shows that the first Attorney General of India, M.C.Setalvad worked at his post for the longest term, i.e. for 13 years and Soli Sorabjee worked as the Attorney General was the shortest period of time. However, he was appointed for the post twice.

Who is responsible for the amendment and enforcement of laws?

Ans. The Attorney General of India is responsible for the amendment and enforcement of laws. However, the Chief Justice of India is responsible to conduct the court hearings before the law has to be enforced.