BLAW Ch29

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Marty Levine sees a house for sale and thinks his friend Linda Maxwell would want to buy it. Marty enters into a contract to purchase the house from the seller and signs the contract​ "Marty Levine, agent for Linda​ Maxwell." Which of the following is NOT​ true?

Because Marty is now Linda​ Maxwell's agent, she is bound to the contract.

Section​ 1(1) of the Restatement​ (Second) of Agency defines agency as​ a(n) _____ relationship ​"which results from the manifestation of consent by one person to another that the other shall act in his behalf and subject to his control.​"

fiduciary

Which of the following is a duty an agent owes to a​ principal?

performance

An agency can be legally terminated in all EXCEPT which of the following​ ways?

ratification of the contract by the principal

An agency is terminated by operation of law in which of the following​ circumstances?

the death of the principal

Which of the following circumstances can lead to termination of an agency by impossibility of​ performance?

the loss of a required qualification

Which of the following circumstances can lead to termination of an agency by impossibility of​ performance?

the loss or destruction of the subject matter of the agency

A party who employs another person to act on his or her behalf is called​ a(n) _____.

principal

Which of the following is NOT a duty a principal owes to an​ agent?

subrogation

An agency is terminated by operation of law in which of the following​ circumstances?

the bankruptcy of the principal

Whose actions create an apparent​ agency?

the principal's

Which of the following is an INCORRECT statement regarding the creation of an agency​ relationship?

​Generally, minors can appoint agents.

Which of the following is an INCORRECT statement regarding independent​ contractors?

As a general​ rule, employees are independent contractors.

Which of the following is an INCORRECT statement regarding express​ agencies?

Without​ exception, express agency contracts must be in writing to be enforceable.

An agency terminates by​ _____ of performance because a situation arises that makes the fulfillment of the agency impossible.

impossibility

In many​ situations, a principal and an agent do not expressly create an agency.​ Instead, the agency is inferred from the conduct of the parties. This type of agency is referred to as​ a(n) _____ agency.

implied

Principals often employ outsiderslong that ​is, persons and businesses that are not ​_____long -to perform certain tasks on their behalf. These persons and businesses are called​ _____.

employees; independent contractors

A power of attorney is an​ _____ agency agreement that is often used to give​ a(n) _____ the power to sign legal documents on behalf of the​ _____.

express; agent; principal

A general medical practitioner in a rural area would be held to the standard of a reasonable​ ______________. A brain surgeon would be held to the standard of a reasonable​ ______________.

general practitioner in rural​ areas; brain surgeon

An owner of a farm employs a real estate agent to sell the farm for​ $1 million. The agent thereafter learns that oil has been discovered on the​ property, a discovery that makes the land worth​ $5 million. Which of the following is​ true?

The agency may be terminated because of this change in circumstances.

An​ employer-employee relationship exists when an employer hires an employee to perform some form of physical service but does not give that person​ _____ authority to enter into contracts.

agency

A party who agrees to act on behalf of another is called​ a(n) _____.

agent

A​ principal-_____ relationship is formed when an employer hires an employee and gives that employee authority to act and enter into contracts on his or her behalf.

agent

____ agency is the most common form of agency.

Express

Siri, who is driving her​ automobile, is injured when another driver negligently causes an automobile accident. Siri hires a lawyer to represent her on a 35 percent​ contingency-fee basis. If the lawyer wins the case for Siri or settles the case with​ Siri's approval, he will earn 35 percent of whatever is collected from the defendant. If the lawyer does not win or settle the​ lawsuit, he gets paid nothing. The agent can recover this amount from the principal because of the duty to​ _______.

compensate

Notice that an agency has terminated that has been placed in the newspaper is an example​ of__________________.

constructive notice

An apparent agency is also known as an agency by​ _____.

estoppel

With a​ _____ power of​ attorney, a principal confers broad powers on the agent to act in any matters on the​ principal's behalf.

general

With​ a(n) _____ power of​ attorney, a principal confers powers on an agent to act in specified matters on the​ principal's behalf.

special

Which of the following is an INCORRECT statement regarding an agency by​ ratification?

For an agency by ratification to​ occur, an​ employer-employee relationship must exist between the principal and the agent.


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