Mod 32 Wrong Answers Flashcards Preview

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

An agent can bind the principal even if…

A

The agent is. Minor

2
Q

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

A

The agency relationship is terminated

3
Q

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

A

The agent would not be liable to the principal

4
Q

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

A

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
Q

Ratification is the…2

A

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
Q

Undisclosed principals cannot…

A

Cannot ratify unauthorized acts of the agent

7
Q

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

A

1 the subject of the agreement becomes illegal or impossible

2 principal or agent dies or becomes insane

3 principal becomes bankrupt

8
Q

Agent’s renunciation of the agency will…

A

Not cause the termination of an agency relationship

9
Q

Renunciation

A

Formal rejection

10
Q

An agent must merely have…

A

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

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