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In order to form an agency relationship by express agreement, what form should the agreement take??

A

?Oral agreement only?

B

?Written agreement only?

C

?Either oral or written agreement?

?Which type of agent authority is derived from what is usual or customary in the circumstances??

A

?Express authority?

B

?Ostensible authority?

C

?Implied authority?

When combined, which types of agent authority are known as an agent's actual authority??

A

?Express and implied authority?

B

?Implied and ostensible authority?

C

?Express and apparent authority?

Unless circumstances indicate otherwise, which party is NOT liable under a contract properly formed under?an agency agreement??

A

Agent?

B

?Principal?

C

?Third party?

Which of the following statements regarding agency law is correct??

A

?An agent may not enforce a contract that they helped to form?

B

?A principal may sue their agent if the third party is in breach of contract?

C

?A third party and principal do not need be in direct contact for a binding contract between them to be?formed?

?Which type of agent runs an accountancy practice??

A

?Company director?

B

?Partner?

C

?Commercial agent?

D

?Promoter?

Which of the following statements concerning a principal ratifying a contract formed by an agent is correct??

A

?The principal need not have existed when the contract was made?

B

?The principal need not have had legal capacity when the contract was made?

C

?The principal must communicate their ratification of the contract clearly to the third party?

D

?At least half of the provisions of the contract must be ratified?

Which TWO types of agency are formed without the agent's consent??

(1) Agency by implied agreement??

(2) Agency by express agreement??

(3) Agency by estoppel??

(4) Agency by ratification?

A

?1 and 2?

B

?1 and 3?

C

?2 and 3?

D

?3 and 4?

In an emergency situation, a person may need to take control of another party's goods and deal with them?appropriately.??

What type of agency is this known as??

A

?Agency by implied agreement?

B

?Agency by estoppel?

C

?Agency by ratification?

D

?Agency by necessity?

?Which of the following is included in an agent's ostensible authority??

A

?The authority that the third party expects the agent to have?

B

?The authority that the agent states that they have?

C

?The authority that is usual in the circumstances and what the principal impliedly gives the agent?

D

?The authority that the principal expressly gives the agent?