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Business Associations Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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Uploaded on July 10, 2024
Number of pages 22
Written in 2023/2024
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Institution TESTS
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Module TESTS

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Business Associations
Can Harry Potter disaffirm a contract Hagrid made with Warner Brothers
on his behalf?

Can Hagrid validly appoint Harry as his agent? - CORRECT
ANSWER-1) yes bc harry as a minor lacks capacity - he is a minor. harry
was principal and hagrid was agent here. bc the principal did not have
capacity [even tho agent did] the contract can be disaffirmed

2) yes if harry is going to be the agent bc an agent does not need
capacity

Taylor Swift hires Hollywood bigwig Michael Ovitz to be her agent. Is a
writing required?

Taylor hires Mike to be her agent for five years. Is a writing required?

Gilligan authorizes Mike to convey his island to Ginger. Is a writing
required? - CORRECT ANSWER-1. No. bc does not fall within statute of
frauds bc it could terminate within one year

2. yes this needs to be in writing bc it is a contract for a term of years so
falls within the statute of frauds and needs a writing

3. yes - bc a K to convey real property must be in writing so the agency
agreement must be in writing

Priscilla authorizes Agnes to buy diamonds. Agnes spots choice
diamonds and secretly buys them for herself for $1 million. Agnes then
resells the diamonds to Priscilla for $2 million. Has Agnes done anything
wrong?
What remedies does Priscilla have against Agnes? - CORRECT
ANSWER-yes - she violated the duty of loyalty

,at minimum, she acted to benefit herself and dealt with P as an adverse
party

Butthead told Kmart that Beavis was his agent for purchasing supplies.
Separately, Butthead told Beavis never to purchase toilet paper.
Nevertheless, Beavis subsequently bought $1,000 worth of toilet paper.
Does Butthead have an action against Beavis for the price of the toilet
paper? - CORRECT ANSWER-yes - beavis acted against buttheads
instructions so violated his duty of obedience

P goes to an office where he knows several brokers have desks. He
leaves a note on A's desk, thinking it is X's desk. The note states: "I
authorize you to contract in my name for the purchase of 100 shares of
Western Union stock at today's market. Signed P." A comes to work,
finds the note, and unaware of P's mistake makes a contract with T in
P's name for the purchase of the shares. Was A authorized to enter into
this contract? - CORRECT ANSWER-yes - the agent has express actual
authortiy bc Ps signed note w/o a specific name on it would lead
reasonable person in As position to think they are authorized

P put on the desk of who he thought was X a note saying buy 100
shares, signed P. A comes to work finding note signed by P and does
this bc reasonable person would think theyre authorized to do so

Paulina authorizes Albert to manage her apartment building. Paulina
only states that Albert is "to manage"—nothing more. To manage the
building, Albert must employ a janitor, purchase fuel for heating, and
occasionally redecorate an apartment. Is Albert authorized to do these
things? - CORRECT ANSWER-yes - there is implied actual authority. he
can employ janitor, purchase fuel for heating and occassionaly
redecorate an apartment

Albert, the office manager for Paulina's company, has regularly bought
office supplies for the company without previous authorization. Paulina
has never objected. Does Albert have authority to continue these
purchases? - CORRECT ANSWER-yes -- A has implied from
acquiesence to continue these purchases

, prior acquesence would lead reasonable person to believe they can
continue purchasing bc every time A has bought it P has been ok with it
[so based on Ps actions, reasonable to think he is authorized to make
more]

Paula collects rare books. She hires Alice to find a rare book to complete
her collection. Alice searches everywhere for the rare book. Just before
Alice is to pay for the book, she receives a phone call informing her that
Paula has passed away. Is Paula's estate bound by the contract and
liable to pay for the book on actual authority grounds? - CORRECT
ANSWER-no actual authority terminated upon Ps death and notification
to A - therefore Ps estate is not liable to A on actual authority grounds

Paris Hilton wants to buy The Ring from Frodo. Frodo tells her,"If you
want to buy The Ring, see Gandalf, who is my purchasing agent." In
actuality, Frodo has instructed Gandalf that Gandalf has no authority to
sell The Ring. If Paris nevertheless contracts with Gandalf to buy The
Ring, is Frodo bound? - CORRECT ANSWER-yes - frodos words [our P]
led paris [3rd] to reasonably believe agent G has aurthority to enter into
K for selling the ring

G does not have actual authority bc F said that he cannot sell it

G does not have actual authority but there is apparent authority

ssume that Albert, in Paulina's presence, tells Thomas that he is
Paulina's agent when in fact he is not. Paulina is silent. If Albert
contracts with Thomas on Paulina's behalf, will Paulina be bound? -
CORRECT ANSWER-yes -- apparent authority does exist here

Aragorn has worked as a purchasing agent for the B&F (Bilboand Frodo)
partnership for 13 years and has purchased supplies from Gandalf's
camping supply store on behalf of the partnership many times. The
partnership has always paid for the suppliesthat Aragorn purchased on
its behalf. B&F fire Aragorn but fail to inform Gandalf of Aragorn's

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Exam (elaborations)

Business Associations Questions with 100% Actual correct answers | verified | latest update | Graded A+ | Already Passed | Complete Solution

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