LAW CH. 26 OL QUIZ

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lecaly
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112267
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LAW CH. 26 OL QUIZ
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2011-11-24 14:07:05
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LAW 26 ONLINE QUIZ
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LAW CH. 26 ONLINE QUIZ
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  1. T/F: Every agency relationship involves at least three parties
    true
  2. T/F: Most businesses can operate without the use of agency
    false
  3. T/F: A partnership can act as an agent
    true
  4. T/F: A person can delegate anything to an agent
    false
  5. T/F: A special agent is one authorized to carry out the principal's business
    false
  6. T/F: A commission merchant who sells on credit and guarantees to the principal that the purchase price will be paid is called a factor del credere
    true
  7. A/n ____________ is one who contracts to perform some tasks for a fixed fee

    a. general contractor

    b. independent contrator

    c. bailer

    d. attorney-in-fact
    b
  8. When the principal behaves in a way or makes statements that mislead a third party into mistakenly believing that the agent has authority, this authority is called ____________ authority

    a. express

    b. implied

    c. customary

    d. apparent
    d
  9. A general agent has authority that one in his or her position usually possesses. This authority is known as ___________ authority

    a. express

    b. implied

    c. customary

    d. apparent
    c
  10. Agents may be classified as ___________

    a. general and special

    b. legal and illegal

    c. dependent and independent

    d. appointed and self-appointed
    a
  11. A person who appoints another to enter into contracts with third parties is called a ___________

    a. general agent

    b. principal

    c. special agent

    d. broker
    b
  12. A bailee who seeks to sell the bailed property on commission is a/n ____________

    a. factor

    b. ratifier

    c. estoppel bailee

    d. employee
    a
  13. An agency which arises when a person leads another to believe a third party is an agent is an agency by ____________

    a. default

    b. ipso facto

    c. estoppel

    d. termination
    c
  14. The approval by one person of the unauthorized act of another done in the former's name is called ____________

    a. appointment

    b. necessity

    c. custom

    d. ratification
    d

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