A principal is not liable to a third party for any contract made by the agent...
A principal is not liable to a third party for any contract made by the agent acting outside the scope of his or her authority.
True
False
The purpose of antitrust law is to prevent competition.
True
False
Homework Answers
Question 1: A principal is not liable to a third party for any contract made by the agent acting outside the scope of his or her authority.
Answer: True
Snippets: A principal is not liable on contract build by the agent reserve outside the scope of his or her authority. That been said, there is an exception and the principal is liable if the principal ratified an agreement.
Question 2: The purpose of antitrust law is to prevent competition.
Answer: False
Snippets: The main purpose of the antitrust law is to provide equal base to similar businesses, it helps to promote healthy competition within a similar business field while preventing monopoly.
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A principal is not liable to a third party for any contract made
by the agent...
QUESTION 14 If a third party comes to know of an undisclosed principal's identity and obtains...
QUESTION 14 If a third party comes to know of an undisclosed principal's identity and obtains a judgment against the principal, which of the following is true? The agent remains liable to the third party. The agent is released from liability to the third party unless the principal resides in another state and has not paid the judgment within 30 days from when it was rendered. The agent remains liable to the third party unless the dispute involves an amount...
50.Garnishment a.allows a creditor to collect a debt by taking property of the debtor’s being held...
50.Garnishment a.allows a creditor to collect a debt by taking property of the debtor’s being held by a third party. b.first requires a writ of attachment. c.first requires a writ of execution. d.first requires a foreclosure proceeding. 7.An undisclosed principal a.is bound to any contract made by his/her agent with a third party. b.has no liability. c.is liable under the UCC if a reasonable person under similar circumstances would find him or her liable. d.may be subject to punitive damages...
Business Law II Ch. 34 - Liability to Third Parties Professor Shane J. Egan Name Date...
Business Law II Ch. 34 - Liability to Third Parties Professor Shane J. Egan Name Date I. A is a specific form of express authority, usually in writing, granting an agent specific powers. 2. A grants the agent express authority over specifically outlined acts. allows 3. A the agent to conduct all business for the principal. 4. (True/False) Powers of attorney always terminate on the principal's death. 5. The principal must be classified as either: 6. This term is given...
An agent is always liable for a contract he or she enters into on behalf of...
An agent is always liable for a contract he or she enters into on behalf of an undisclosed principal. TRUE OR FALSE Trent was retained, in writing, to act as Post's agent for the sale of Post's memorabilia collection. To be Post's agent, Trent must be at least 18 years of age. TRUE OR FALSE A court will most likely pierce the corporate veil and hold a shareholder personally liable if the corporation has failed to elect S corporation status...
d. Neither Wanamaker nor Anderson is liable on the contract since the seller was obli. pated...
d. Neither Wanamaker nor Anderson is liable on the contract since the seller was obli. pated to ascertain Anderson's authority. has the right to regain possession of tomobile and to collect damages. Brian may sue and collect from either Rob- Inson or Ambrose Il Amorost must pay in damages, he will be entitled to Indemnification from Robin son. Ambron notllable for the wrongful Teposion of the wtomobile since he was obeying the direct order of Robinson 22. Under which of...
Question 6 1 pts A principal can ratify an agreement made without authorization on his or...
Question 6 1 pts A principal can ratify an agreement made without authorization on his or her behalf by one who is not his or her agent. True False Question 7 1 pts An agent must notify the principal of all material matters that come to his or her attention regarding the subject matter of the agency. True False Question 8 1 pts A principal may confer authority on an agent only in writing. True False Question 9 1 pts...
An agent with a conflict of interest to the principal: Must act in his own self...
An agent with a conflict of interest to the principal: Must act in his own self interest. Is probably committing fraud unless the agent fully discloses the conflict of interest to the principal. May still represent the principal without disclosing the conflict of interest. All of the above ----------------------------------------------------------------------------------------------- An agent is liable to third parties when The principal is fully disclosed and the agent has only apparent authority. The principal is fully disclosed and the agent has only implied...
QUESTION 5 Under the doctrine of purported partners, a third party may hold liable persons who...
QUESTION 5 Under the doctrine of purported partners, a third party may hold liable persons who purport to be partners True O False
Determine whether the following statement is True or False. The principle-agent relationship exists when one party...
Determine whether the following statement is True or False. The principle-agent relationship exists when one party (the principal) would like another party (the agent) to act in some way, or have some attribute that is in the interest of the principal, and that cannot be enforced or guaranteed in a binding contract.
Business Law II Ch. 33- Agency Formation and Duties Professor Shane J. Egan Name Date 1....
Business Law II Ch. 33- Agency Formation and Duties Professor Shane J. Egan Name Date 1. The relationship between a principal and an agent is generally known as an 2. A person who has a legal to duty to act with trust and confidence for another person's benefit is known as a 3. (True False) Agency relationships can be created only for a lawful purpose and almost anyone can serve as an agent. 4. A document giving an agent authority...
QUESTION 14 If a third party comes to know of an undisclosed principal's identity and obtains a judgment against the principal, which of the following is true? The agent remains liable to the third party. The agent is released from liability to the third party unless the principal resides in another state and has not paid the judgment within 30 days from when it was rendered. The agent remains liable to the third party unless the dispute involves an amount...
Business Law II Ch. 34 - Liability to Third Parties Professor Shane J. Egan Name Date I. A is a specific form of express authority, usually in writing, granting an agent specific powers. 2. A grants the agent express authority over specifically outlined acts. allows 3. A the agent to conduct all business for the principal. 4. (True/False) Powers of attorney always terminate on the principal's death. 5. The principal must be classified as either: 6. This term is given...
An agent is always liable for a contract he or she enters into on behalf of an undisclosed principal. TRUE OR FALSE Trent was retained, in writing, to act as Post's agent for the sale of Post's memorabilia collection. To be Post's agent, Trent must be at least 18 years of age. TRUE OR FALSE A court will most likely pierce the corporate veil and hold a shareholder personally liable if the corporation has failed to elect S corporation status...
d. Neither Wanamaker nor Anderson is liable on the contract since the seller was obli. pated to ascertain Anderson's authority. has the right to regain possession of tomobile and to collect damages. Brian may sue and collect from either Rob- Inson or Ambrose Il Amorost must pay in damages, he will be entitled to Indemnification from Robin son. Ambron notllable for the wrongful Teposion of the wtomobile since he was obeying the direct order of Robinson 22. Under which of...
Question 6 1 pts A principal can ratify an agreement made without authorization on his or her behalf by one who is not his or her agent. True False Question 7 1 pts An agent must notify the principal of all material matters that come to his or her attention regarding the subject matter of the agency. True False Question 8 1 pts A principal may confer authority on an agent only in writing. True False Question 9 1 pts...
QUESTION 5 Under the doctrine of purported partners, a third party may hold liable persons who purport to be partners True O False
Business Law II Ch. 33- Agency Formation and Duties Professor Shane J. Egan Name Date 1. The relationship between a principal and an agent is generally known as an 2. A person who has a legal to duty to act with trust and confidence for another person's benefit is known as a 3. (True False) Agency relationships can be created only for a lawful purpose and almost anyone can serve as an agent. 4. A document giving an agent authority...
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