The only way to become an agent is by signing a contract

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The only way to become an agent is by signing a contract.
 

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True

False

 

Question 2

 

 

Employees cannot be agents of their employer.
 

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True

False

 

Question 3

 

 

Scope of authority means the scope of the agent's permission to act on behalf of the principal.
 

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True

False

 

Question 4

 

To avoid being personally liable under a contract, an agent need only tell the third party that they are an agent.
 

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True

False

 

Question 5

 

 

Ratification means agreeing to a contract after the fact.
 

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True

False

 

Question 6

 

 

Sole proprietorships must be registered with the Corporate Registry office.
 

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True

False

 

Question 7

 

 

 

Sole proprietorships have limited liability
 

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True

False

 

Question 8

 

 

A partner's only duty is to make money for the partnership.
 

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True

False

 

Question 9

 

 

Unless otherwise agreed, all partners share profits equally.
 

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True

False

 

Question 10

 

Harry accidentally ordered 50,000 pencils for his accounting firm, Jones, Jones, & Harry. The partnership will have to pay for the pencils even though they only need 10.
 

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True

False