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
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
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