Exam 11: Agency and Partnership

"A principal can ratify an agent's contract that was done without authority as long as the agent makes it clear that they are entering into the contract 'subject the principal's ratification.'" Discuss the accuracy of this statement.

(Short Answer)

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Question 21

Explain under what circumstances a principal can be held liable for torts committed by an agent.

(Short Answer)

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Question 22

When an agent has been dealing with a third party for an undisclosed principal and there is a default,what rights are available to the third party?

(Short Answer)

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Question 23

Explain what is meant by an "undisclosed principal" and the significance of such a relationship.

(Essay)

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Question 24

The ratification of a contract by the principal must be done in writing.

(True/False)

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Question 25

Identify the true statement concerning the law of principal and agent.

(Multiple Choice)

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Question 26

The only situation where an agent can be sued by a third party is where he has gone beyond his apparent and actual authority.

(True/False)

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Question 27

How is an agency relationship created?

(Short Answer)

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Question 28

Explain how the principle of fiduciary duty works in a partnership relationship.

(Essay)

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Question 29

Which one of the following statements is correct with respect to the liability of partners?

(Multiple Choice)

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Question 30

Partners are vicariously liable for the wrongful acts of employees committed on partnership business.

(True/False)

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Question 31

Explain when a group of people would create a society.

(Short Answer)

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Question 32

An agent need not disclose the fact that she is acting for a principal in dealings with a third party,and that contract may still be binding on that third party.

(True/False)

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Question 33

Which of the following is correct with respect to an agent's performance of his duties?

(Multiple Choice)

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Question 34

Chan sold a business to Scott and in the process they valued the "good will" at $50 000.In the sale contract,it was agreed that this amount would be paid by Scott giving Chan 15 percent of the business profits until it was paid.This creates a partnership between them.

(True/False)

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Question 35

Of the following,who is not an agent in the eyes of the law?

(Multiple Choice)

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Question 36

Apparent authority is the authority the agent has based on what the principal has led the third party to believe.

(True/False)

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Question 37

Discuss the advantages and disadvantages of partnership as a method of carrying on business compared to incorporation.

(Essay)

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Question 38

When one partner dies,what happens to the partnership?

(Essay)

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Question 39

Which of the following is correct with respect to the ratification of an agent's contracts?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 219

"A principal can ratify an agent's contract that was done without authority as long as the agent makes it clear that they are entering into the contract 'subject the principal's ratification.'" Discuss the accuracy of this statement.

Explain under what circumstances a principal can be held liable for torts committed by an agent.

When an agent has been dealing with a third party for an undisclosed principal and there is a default,what rights are available to the third party?

Explain what is meant by an "undisclosed principal" and the significance of such a relationship.

The ratification of a contract by the principal must be done in writing.

Identify the true statement concerning the law of principal and agent.

The only situation where an agent can be sued by a third party is where he has gone beyond his apparent and actual authority.

How is an agency relationship created?

Explain how the principle of fiduciary duty works in a partnership relationship.

Which one of the following statements is correct with respect to the liability of partners?

Partners are vicariously liable for the wrongful acts of employees committed on partnership business.

Explain when a group of people would create a society.

An agent need not disclose the fact that she is acting for a principal in dealings with a third party,and that contract may still be binding on that third party.

Which of the following is correct with respect to an agent's performance of his duties?

Chan sold a business to Scott and in the process they valued the "good will" at $50 000.In the sale contract,it was agreed that this amount would be paid by Scott giving Chan 15 percent of the business profits until it was paid.This creates a partnership between them.

Of the following,who is not an agent in the eyes of the law?

Apparent authority is the authority the agent has based on what the principal has led the third party to believe.

Discuss the advantages and disadvantages of partnership as a method of carrying on business compared to incorporation.

When one partner dies,what happens to the partnership?

Which of the following is correct with respect to the ratification of an agent's contracts?

Managing Your Legal Affairs

Introduction to the Legal System

The Resolution of Disputesthe Courts and Alternatives to Litigation

Intentional Torts and Torts Impacting Business

Negligence, Professional Liability, and Insurance

The Elements of a Contractconsensus and Consideration

The Elements of a Contract capacity, Legality, and Intention

Factors Affecting the Contractual Relationship

The End of the Contractual Relationship

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Corporations

Real, Personal, and Intellectual Property

Information Technology and the Internet

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