Mod 32 Wrong Answers Flashcards Preview

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Flashcards in Mod 32 Wrong Answers Deck (10):
1

An agent can bind the principal even if...

The agent is. Minor

2

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

The agency relationship is terminated

3

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

4

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

5

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

6

Undisclosed principals cannot...

Cannot ratify unauthorized acts of the agent

7

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

8

Agent's renunciation of the agency will...

Not cause the termination of an agency relationship

9

Renunciation

Formal rejection

10

An agent must merely have...

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

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