Agencies

Question 1

Termination of an agency (4)

Answer 1

1) Death of principal 2) Principal insanity/lack of capacity 3) Bankruptcy 4) Breach of fiduciary duty

Question 2

Timing acceptance under common law (Method to use mail box rule)

Answer 2

Has to be same method of communication in order to use mail box rule. If same method of communication isn’t used then it goes into effect when received

Question 3

Timing acceptance under UCC (Method to use mail box rule)

Answer 3

Any revocation has to be received until it can be effective. Any wiring/mailing (Faster method of communication is when it goes into effect)

Question 4

What type of contracts can be modified w/out consideration

Answer 4

UCC contracts. Need consideration on both sides for modified contracts under common law

Question 5

Define legal detriment

Answer 5

The promise will lose something in order to gain something he desires for the sale of goods