Exam (elaborations)
BLAW CHAPTER 14 Questions and Answers
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BLAW CHAPTER 14 Questions and Answers
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(C) agency relationship - ✔✔An employment of an agent for the purpose of representation inestablishing relations between
a principal and third parties is known as a(n):
(A) third party relationship
(B) principal relationship
(C) agency relationship
(D) real relationship
(E) representative relationship
(B) principal - ✔✔Through an agency relationship, the agent becomes a representative of the:
(A) third party
(B) principal
(C) customer or supplier of the principal
(D) shareholder
(E) all of the other choices
(C) third parties - ✔✔An agency relationship normally involves the use of an agent to represent a
principal in dealing
with which of the following:
(A) shareholders
(B) representatives 100%
(C) third parties
(D) attorneys
(E) ratifications
(B) principal - ✔✔An agency is created when an agent agrees to act for, or in place of, the:
(A) third party
(B) principal
(C) shareholder
(D) attorney
(E) representative
(A) provides the agent with authority - ✔✔In an agency the principal:
(A) provides the agent with authority
(B) provides the agent with legal support
(C) does not provide the agent with authority
(D) is given authority by the agent
(E) none of the other choices are correct
,(A) access to the expertise of agents - ✔✔Which of the following is an advantage to having the
ability to use agents:
(A) access to the expertise of agents
(B) reduced tax burden
(C) exemption from income tax
(D) creation of many small companies within one larger company
(E) easier organization of a company
(A) expanded business opportunities - ✔✔Which of the following is an advantage to having the
ability to use agents:
(A) expanded business opportunities
(B) reduced tax burden
(C) exemption from income tax
(D) creation of many small companies within one larger company
(E) easier organization of a company
(E) X hires Y to buy some property on X's behalf and X makes an oral agreement that Y will work for
X's company as the company's general manager and X and Y enter into a written agreement that Y
will work for X as the general manager of X's company - ✔✔In which of the following situations can
an agency relationship be created?
100%
(A) X hires Y to buy some property on X's behalf
(B) X makes an oral agreement that Y will work for X's company as the company's general manager
(C) X and Y enter into a written agreement that Y will work for X as the general manager of X's
company
(D) X hires Y to buy some property on X's behalf and X makes an oral agreement that Y will work for
X's company as the company's general manager
(E) X hires Y to buy some property on X's behalf and X makes an oral agreement that Y will work for
X's company as the company's general manager and X and Y enter into a written agreement that Y
will work for X as the general manager of X's company
(C) authority - ✔✔An agent's ____ is the power to change the principal's legal obligations.
(A) legal right
(B) official power
(C) authority
(D) responsibility
(E) authorization
(C) foreign agent - ✔✔Which of the following is not a category of agents covered in the text:
(A) gratuitous agent
(B) special agent
, (C) foreign agent
(D) general agent
(E) universal agent
(B) universal agent - ✔✔Someone designated to do all acts that can be legally granted to an agent is
called a(n):
(A) special agent
(B) universal agent
(C) general agent
(D) subagent
(E) gratuitous agent
(B) a general power of attorney - ✔✔To carry out their duties, universal agents are typically granted:
(A) powers to act by estoppel
(B) a general power of attorney
(C) authority to cancel contracts anticipatorily
(D) all of the other specific choices
(E) none of the other choices
(A) universal agent - ✔✔A person designated by a principal to do all acts that can be legally
delegated to an agent is a: 100%
(A) universal agent
(B) special agent
(C) gratuitous agent
(D) general agent
(E) none of the other choices
(D) general agent - ✔✔A person authorized to execute all regular transactions connected with a
business is called a:
(A) universal agent
(B) special agent
(C) gratuitous agent
(D) general agent
(E) none of the other choices
(D) general agent - ✔✔A manager who runs all aspects of a hotel is most likely what kind of agent:
(A) universal agent
(B) special agent
(C) gratuitous agent
(D) general agent
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