question archive 1)If a time for performance is not stated in the contract, then the contract must be performed immediately
1)If a time for performance is not stated in the contract, then the contract must be performed immediately
Subject:BusinessPrice: Bought3
1)If a time for performance is not stated in the contract, then the contract must be performed immediately.
True
False
2)The type of agency created when one person is falsely represented to be an agent when no such agency relationship exists, is known as:
Agency by estoppel
Agency by operation of law
The equal dignities rule
Sovereign immunity
3)Which of the following is one of the two questions that must be answered in order to apply the doctrine of respondeat superior?
Is the alleged tortfeasor engaged in an extremely dangerous activity?
Is the alleged tortfeasor a servant or an alter ego?
Is the alleged tortfeasor a servant or independent contractor?
Is the alleged tortfeasor an agent or a servant?
4)An anticipatory breach occurs when a party to a contract expresses or clearly implies an intention not to perform to contract after being required to act.
True
False
5)Which of the following are equitable remedies?
Monetary damages
Specific performance
Specific performance and injunctive relief
Monetary damages, specific performance, and injunctive relief
6)In which of the following situations may an agent legally appoint a subagent?
When the case involves coagents
When the appointment is implied from the nature of the employment
When the situation involves a nondelegable duty
When the coagent demands such an appointment
7)When an assignment occurs, the assignee assumes the contractual obligations previously held by the assignor.
True
False
8)A person given broad authority to conduct the bulk of a principal's business is called a:
Master
Borrowed servant
Croprietor
General agent
9)An agent may terminate an agency relationship by revocation.
True
False
10)List the ways an agency can be created.
11)What person may be appointed an agent under a power of attorney?
Anyone
Anyone who can lawfully contract in his or her own name
An attorney only
Anyone who is approved by the court
12)A substantial or legally sufficient reason for doing something is known as ____.
Revocation
Renunciation
Commingling
Good cause
13)An agency is always:
Contractual
Gratuitous
Consensual
Binding
14)An agent does not have the authority to represent the principal.
True
False
15)A statue that provides for a time limitation for legal action (suits) to be filed, are known as ________.
Statute of Time Limits
Statute of Limits
Statute of Limitations
Limited Statues
16)A transfer of a contract duty is a(n):
Novation
Assignment
Warranty
Delegation
17)When an agent is appointed by the principal to negotiate and enter into contracts on behalf of the principal, is known as:
Contractual Liability
Contractual Responsibility
Tort Liability
Criminal Liability
18)A warranty is a promise, statement, or other representation of certain qualities.
True
False
19)An individual who is affected by a contract but who does not receive any benefits from it is known as a third party.
True
False
20)Express authority may never be indicated by conduct.
True
False
21)A transfer of a contract right is called a(n):
Delegation
Transfer
Assignment
Beneficiary
22)The agent's duty of loyalty means that the agent cannot act ____.
For two principals
For more than one year for the same principal
For two principals in the same transaction
For an undisclosed principal
23)The range of activities authorized by the pricipal to the agent is known as the _______.
Scope of authority
Scope of responsibility
Statement of work
Scope of work
24)Authority granted to an agent may be express, implied, apparent, or known.
True
False
25)An agency coupled with an interest may not be revoked without the consent of all the parties.
True
False
