commercial law

The __ creates legal relationship between the principal and third party.

• Contractor

• Agent

• Principal

• Owner

___ guarantees to the principal that if the third party does not pay then the agent will pay

• Broker

• General agent

• Del credere agent

• Subagent

_______________--is a legal document authorizing one person (called an agent) to act on behalf of another (the principal).

• Special power of attorney

• Particular power of attorney

• General power of attorney

• all the above

  The consideration in case of contract of agency_____

• Can be past, present, future

   

• Need not be adequate 

• Need to be real  

• Not mandatory

Advocates are classified as__                                                                                                                           

• general agent

• Special agent

• mercantile agent

• Non-mercantile agent

In case of ratification the principal must ratify _________

• Part transaction based on necessity

•   the agreement of agency

• whole transaction                                                                                                                                

• the third party about agency

The power given to agent ____

• reasonable and unreasonable                                                   

• expressed and implied        

• legal and illegal                                                       

• all of these

To create an agency _____is not required

• Principal

• Agent          

• consideration

• third party

Contract is a ____

• a legally binding agreement                         

• a mutual understanding between two parties   

• a verbal understanding between two parties           

• a written agreement between two or more parties

An agent is personally liable _______.

• Where the agent has agreed to personally liable to the third party   

•   Where the agent acts for a principal residing abroad      

•     When the agent signs a negotiable instrument in his own name without making it clear that he is signing it only as agent  

• all the above