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activity based questions




Question;question 1;1. An agent?s knowledge is imputed to the;principal.;Question 2;1. A principal is obligated to pay any;judgments against an agent who incurred liability to a third party while;carrying out the principal?s orders. This duty to hold the agent ?harmless? is;the duty to___________.;Question 3;1. Jim was called to active duty in the;military. Knowing that he would be out of the country for a year or more, he;gave his sister Peg authority to pay bills in his name, access his bank;accounts, buy and sell stock in his brokerage accounts, and incur expenses to;maintain his house and car and boat. Peg is Jim?s______________.;Question 4;1. What is the status of an agency agreement;when a principal files for Chapter 7 bankruptcy?;Question 5;1. An agency will terminate by operation of;law if the principal files for Chapter 7 bankruptcy.;Question 6;1. A person who is given power of attorney;is called a(n)______________.;Question 7;1. If a third party does not know that he is;dealing with an agent and believes that the agent is acting on his own behalf;and will perform on the contract, the principal in this situation is;Question 8;1. A store manager is an example of a;general agent.;Question 9;1. Mike is a sole proprietor who buys, sells;and repairs kilns and other equipment used in pottery making. He has an;arrangement with K&M, a large equipment maker, to sell K&M?s kilns in;both his own name and in K&M?s name and to receive payments from customers.;Mike?s relationship with K&M is that of a ________________.;Question 10;1. Sam is retiring and selling his business;to Ed, an employee. They want Larry Lawyer to draw up a sales contract that;protects both Sam?s interests as the seller and Ed?s interests as the buyer. If;Larry agrees to this dual agency, which agency duty would he most risk;violating?;Question 11;1. A principal whose identity is known to a;third party is a disclosed principal.;Question 12;1. The legal test to determine whether;someone is a general agent or a special agent is whether or not the agent is;paid for his services.;Question 13;1. Please see problems #2, #3 and #4 above.;Jim received several dividend checks from his stock broker while he was gone.;Peg deposited the checks in her own bank account because her funds were low.;Several weeks later she made out a personal check for the amount of the;dividends and deposited it into Jim?s account. Has Peg breached any agency;duties?;Question 14;1. A minor may act as an agent for an adult;principal.;Question 15;1. An agent operating under a written power;of attorney is called an attorney-at-law.;Question 16;1. A principal whose identity is known to a;third party is a (n) _____________principal.;Question 17;1. Which of the following statements about;an agent?s duty to inform is false?;1. When a third party knows that an agent is;acting on behalf of a principal, but dies not know the identity of the principal;the principal is________________.;Question 19;1. If an agency agreement does not state how;much an agent is to be paid;Question 20;1. Ann Agent was hired by Buyer to locate a;piece of property suitable for building an office complex. Ann and her cousin;jointly owned a piece of property that suited Buyer?s needs. Without telling;Buyer of her ownership interest, Ann negotiated the purchase on Buyer?s behalf.;The price for the property was its fair market value. What options are;available to Buyer when he learns that Ann was the seller?.;Question 21;1. If the agent dies, the agency agreement;terminates by operation of law.;Question 22;1. Please see problems #2 and #3 above.;Because Peg is not compensated for the activities she is performing on her;brother?s behalf, she owes him;Question 23;1. A multiple listing agreement lists real;property with several brokers, but only the selling broker earns a commission;on the sale.;Question 24;1. Please see problem #2 above. Jim will be;out of the country when a piece of land he sold goes to settlement. He wants to;give Peg the authority to convey the deed and sign any necessary settlement;papers in his name. To do this he should give Peg _______________.;Question 25;1. Ted was hired under a one year contract;to manage Sue?s sub shop. Eight months into the contract, Sue fired Ted in;order to hire a new manager who had just graduated with a degree in marketing;and had a lot of ideas for increasing sales. Ted had not breached the contract;in any way. Which statement best describes Sue?s rights in these circumstances?;Question 26;1. The primacy source of law governing the;relationship between the principal and the agent is;Question 27;1. Pat hired Mike, a dealer in livestock, to;sell his herd of cattle. Mike was to receive a 20% commission on the sale.;Before a buyer could be found, the herd had to be destroyed because of an;outbreak of mad cow disease. Which statement best describes the status of the;agency agreement?;Question 28;1. Matt is employed as the manager of Local;Steak House, with wide-ranging responsibilities for all aspects of the business.;In this position, Matt is a(n);Question 29;1. If the principal dies, the agency;agreement terminates by operation of law.;Question 30;1. Which of the following would not;terminate an agency by operation of law?.


Paper#59330 | Written in 18-Jul-2015

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