Exam 29: Agency Formation and Termination

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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.The contract also stipulates that Marlon will not hire another broker to sell that piece of land until the contract period expires.Nita finds a suitable buyer,makes the sale in time,and is paid by Marlon for her services.Which of the following types of agency existed between Marlon and Nita?

(Multiple Choice)

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Question 61

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.The contract also stipulates that Marlon will not hire another broker to sell that piece of land until the contract period expires.Nita finds a suitable buyer,makes the sale in time,and is paid by Marlon for her services.What kind of contract existed between Marlon and Nita?

(Multiple Choice)

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Question 62

A(n)________ is a relationship formed when an employer hires an employee and gives that employee authority to act and enter into contracts on his or her behalf.

(Multiple Choice)

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Question 63

Which of the following is true about a durable power of attorney?

(Multiple Choice)

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Question 64

Agency law is a mixture of tort and contract laws.

(True/False)

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Question 65

Which of the following is true about a special power of attorney?

(Multiple Choice)

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Question 66

What is an implied agency?

(Essay)

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Question 67

A principal is not bound to contracts made by an apparent agency.

(True/False)

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Question 68

Minors can appoint an agent without court approval.

(True/False)

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Question 69

If a stated time has lapsed,an agency will terminate because of an unusual change in circumstances.

(True/False)

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Question 70

An agency contract is similar to other contracts in that it can be terminated by an act of the parties.

(True/False)

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Question 71

A power of attorney gives an agent the power to sign legal documents on behalf of the principal.

(True/False)

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Question 72

If a person employs an architect to design the layout of his or her own home,it would constitute a(n)________ relationship.

(Multiple Choice)

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Question 73

An agency by ratification occurs when the principal ________.

(Multiple Choice)

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Question 74

An agent is not liable to the principal for any injuries resulting from a breach of duty to notify.

(True/False)

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Question 75

The ________ is principal's duty to cover the agent for any losses the agent suffers because of the principal's conduct.

(Multiple Choice)

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Question 76

An orally agreed upon power of attorney is acceptable in court.

(True/False)

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Question 77

Only a lawyer can become an attorney-in-fact.

(True/False)

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Question 78

A power of attorney where a principal confers powers on an agent to act in specified matters on the principal's behalf is referred to as a(n)________.

(Multiple Choice)

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Question 79

Which of the following is true of an employer-employee relationship?

(Multiple Choice)

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Question 80

Showing 61 - 80 of 87

Exam 29: Agency Formation and Termination

A(n)________ is a relationship formed when an employer hires an employee and gives that employee authority to act and enter into contracts on his or her behalf.

Which of the following is true about a durable power of attorney?

Agency law is a mixture of tort and contract laws.

Which of the following is true about a special power of attorney?

What is an implied agency?

A principal is not bound to contracts made by an apparent agency.

Minors can appoint an agent without court approval.

If a stated time has lapsed,an agency will terminate because of an unusual change in circumstances.

An agency contract is similar to other contracts in that it can be terminated by an act of the parties.

A power of attorney gives an agent the power to sign legal documents on behalf of the principal.

If a person employs an architect to design the layout of his or her own home,it would constitute a(n)________ relationship.

An agency by ratification occurs when the principal ________.

An agent is not liable to the principal for any injuries resulting from a breach of duty to notify.

The ________ is principal's duty to cover the agent for any losses the agent suffers because of the principal's conduct.

An orally agreed upon power of attorney is acceptable in court.

Only a lawyer can become an attorney-in-fact.

A power of attorney where a principal confers powers on an agent to act in specified matters on the principal's behalf is referred to as a(n)________.

Which of the following is true of an employer-employee relationship?

Legal Environment of Business and Online Commerce

Courts and Jurisdiction

Judicial, alternative, and Online Dispute Resolution

Constitutional Law for Business and E-Commerce

Intentional Torts and Negligence

Product and Strict Liability

Intellectual Property and Cyber Piracy

Criminal Law and Cyber Crime

Nature of Traditional and E-Contracts

Agreement

Consideration and Promissory Estoppel

Capacity and Legality

Genuineness of Assent and Undue Influence

Statute of Frauds and Equitable Exceptions

Third-Party Rights and Discharge

Remedies for Breach of Traditional and E-Contracts

Digital Law and E-Commerce

Formation of Sales and Lease Contracts

Title to Goods and Risk of Loss

Remedies for Breach of Sales and Lease Contracts

Warranties

Creation of Negotiable Instruments

Holder in Due Course and Transferability

Liability, defenses, and Discharge

Banking System and Electronic Financial Transactions

Credit, mortgages, and Debtors Rights

Secured Transactions

Bankruptcy and Reorganization

Liability of Principals, agents, and Independent Contractors

Employment, worker Protection, and Immigration Law

Labor Law

Equal Opportunity in Employment

Small Business, entrepreneurship, and General Partnerships

Limited Partnerships and Special Partnerships

Corporate Formation and Financing

Corporate Governance and the Sarbanes-Oxley Act

Corporate Acquisitions and Multinational Corporations

Limited Liability Companies and Limited Liability Partnerships

Franchises and Special Forms of Businesses

Investor Protection, e-Securities, and Wall Street Reform

Ethics and Social Responsibility of Business

Administrative Law and Regulatory Agencies

Consumer Protection and Product Safety

Environmental Protection

Antitrust Law and Unfair Trade Practices

Personal Property, real Property, and Insurance

Real Property

Landlord-Tenant Law and Land Use Regulation

Insurance

Accountants Duties and Liability

Wills, trusts, and Estates

Family Law

International and World Trade Law

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