Exam 36: Third-Party Relations of the Principal and the Agent

The process by which a principal binds himself to an unauthorized act done by an agent,or by a person purporting to act as an agent,is called ________.

(Multiple Choice)

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Question 81

________ means that the principal's rights and liabilities are what they would have been if the principal had known what the agent knew.

(Multiple Choice)

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Question 82

Maple hired Birch to work as her taxi driver.After a long,hot summer day of city driving and dealing with other rude drivers,Max,another driver,cut Birch off and slightly dented Birch's taxicab.An enraged Birch pulled Max out of the car and hit him with a brick that was lying on the road.Max suffered serious and permanent injuries and wants to sue.Who is liable in this situation?

(Multiple Choice)

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Question 83

What are the two types of ratification?

(Multiple Choice)

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Question 84

Direct liability is also known as respondeat superior liability.

(True/False)

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Question 85

What happens if a third-party gives proper notification to an agent with apparent authority to receive it?

(Multiple Choice)

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Question 86

Ratification is a process whereby a principal binds himself to an unauthorized act done by an agent,or by a person purporting to act as an agent.

(True/False)

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Question 87

A principal can ratify an agent's unauthorized contract even if the third party withdrew from the contract prior to ratification.

(True/False)

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Question 88

Express authority is usually created by detailed language.

(True/False)

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Question 89

Typically a principal is not held liable for the actions of a nonemployee agent,but an exception to this general rule is:

(Multiple Choice)

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Question 90

When does an agent expressly bind herself to a contract made for a principal?

(Multiple Choice)

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Question 91

An agent who purports to act for a legally nonexistent principal is personally liable when the agent knows or has reason to know the principal does not exist.

(True/False)

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Question 92

When does an agent expressly bind herself to a contract made for a principal?

(Multiple Choice)

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Question 93

For a principal to be directly liable in a Tort case,which individual must be at fault for the injury to the victim?

(Multiple Choice)

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Question 94

If an agent has authorized his subagent to make a certain contract and this authorization is within the authority granted to the agent by his principal,the principal is bound to the subagent's contract.

(True/False)

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Question 95

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Exam 36: Third-Party Relations of the Principal and the Agent

The process by which a principal binds himself to an unauthorized act done by an agent,or by a person purporting to act as an agent,is called ________.

________ means that the principal's rights and liabilities are what they would have been if the principal had known what the agent knew.

What are the two types of ratification?

Direct liability is also known as respondeat superior liability.

What happens if a third-party gives proper notification to an agent with apparent authority to receive it?

Ratification is a process whereby a principal binds himself to an unauthorized act done by an agent,or by a person purporting to act as an agent.

A principal can ratify an agent's unauthorized contract even if the third party withdrew from the contract prior to ratification.

Express authority is usually created by detailed language.

Typically a principal is not held liable for the actions of a nonemployee agent,but an exception to this general rule is:

When does an agent expressly bind herself to a contract made for a principal?

An agent who purports to act for a legally nonexistent principal is personally liable when the agent knows or has reason to know the principal does not exist.

When does an agent expressly bind herself to a contract made for a principal?

For a principal to be directly liable in a Tort case,which individual must be at fault for the injury to the victim?

If an agent has authorized his subagent to make a certain contract and this authorization is within the authority granted to the agent by his principal,the principal is bound to the subagent's contract.

The Nature of Law

The Resolution of Private Disputes

Business and the Constitution

Business Ethics, Corporate Social Responsibility, Corporate Governance, and Critical Thinking

Criminal Law and Procedure

Intentional Torts

Negligence and Strict Liability

Intellectual Property and Unfair Competition

Introduction to Contracts

The Agreement: Offer

The Agreement: Acceptance

Consideration

Reality of Consent

Capacity to Contract

Illegality

Writing

Rights of Third Parties

Performance and Remedies

Formation and Terms of Sales Contracts

Product Liability

Performance of Sales Contracts

Remedies for Breach of Sales Contracts

Personal Property and Bailments

Real Property

Landlord and Tenant

Estates and Trusts

Insurance Law

Introduction to Credit and Secured Transactions

Security Interests in Personal Property

Bankruptcy

Negotiable Instruments

Negotiation and Holder in Due Course

Liability of Parties

Checks and Electronic Transfers

The Agency Relationship

Introduction to Forms of Business and Formation of Partnerships

Operation of Partnerships and Related Forms

Partners Dissociation and Partnerships Dissolution and Winding up

Limited Liability Companies, limited Partnerships, and Limited Liability Limited Partnerships

History and Nature of Corporations

Organization and Financial Structure of Corporations

Management of Corporations

Shareholders Rights and Liabilities

Securities Regulation

Legal and Professional Responsibilities of Auditors, Consultants, and Securities Professionals

Administrative Law

The Federal Trade Commission Act and Consumer Protection Laws

Antitrust: the Sherman Act

The Clayton Act, the Robinsonpatman Act, and Antitrust Exemptions and Immunities

Employment Law

Environmental Regulation

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