LAW OF AGENCY

An agency relationship exists when one person, the ______ acts for, or on the behalf of another person, the _____________.

• Client, agent

• Principal, agent

• Agent, principal

• Broker, customer

An agency relationship can be established in some ways....

• by ratification, express necessity, by necessity, enforced agreement

• by estoppel, implied necessity, express necessity

• implied necessity, enforced agreement, implied agreement

• by ratification, implied agreement, by estoppel, by necessity

The agreement created between principal and agent is .................

• Contract of agency

• Contract of employment

• Contract of sale and purchase

• Contract of service

This appointment of agency is created when a person acts as an agent for a principal without the principal’s authority and the principal has the option either to approve or accept the act.

• agency by estoppel

• agency by ratification

• agency by implied appointment

• agency by express appointment

In the agency by ratification, if the principal does not ratify the contract made by the agent, the effect of the contract is _____

• The agent will be responsible for the contract

• The agent will not be responsible for the contract

• The principal will not be responsible for the contract

• The principal will be responsible for the contract

Who can be a principal as accordance to Section 136 of Contracts Act 1950?

• minor and soundmind

• minor and unsoundmind

• adult and soundmind

• adult and unsoundmin

Agent is .......................

• the individual employed by the principal to work with the third party.

• the individual who gives authority to the agent.

• an agent that is given the authority to perform a variety of tasks.

• the person or company whom the agent deals with on behalf of the principal.

The person who has authorized an agent to represent him or her is known as ..................

• agent

• principal

• 3rd party

• government

Student name (full name) ...............................