Mod 32 Wrong Answers Flashcards Preview

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Flashcards in Mod 32 Wrong Answers Deck (10):

An agent can bind the principal even if...

The agent is. Minor


Upon the loss or destruction of subject matter on which the Agency relationship is based...

The agency relationship is terminated


If an art collection to be sold by an agent was, destroyed before the agent found a buyer, the agent...

The agent would not be liable to the principal


When an agent enters into a contract with a third person on behalf of an undisclosed principal, the agent is personally liable unless...2

1 Unless the third person discovers the existence and identity of
principal and

2 chooses to hold the principal to contract instead of the agent


Ratification is the...2

1 the approval after the fact of an unauthorized act done by an
Agent or

2 act done by someone who is not yet an agent


Undisclosed principals cannot...

Cannot ratify unauthorized acts of the agent


An agency relationship is terminated by operation of law if...3

1 the subject of the agreement becomes illegal or impossible

2 principal or agent dies or becomes insane

3 principal becomes bankrupt


Agent's renunciation of the agency will...

Not cause the termination of an agency relationship



Formal rejection


An agent must merely have...

Sufficient mental and physical ability to carry out instructions of
His principal

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