Week 7

An authorised agent may be entitled to make which of the following on behalf of the principal?

• Statements

• Payments

• Contracts

• All of the above

Which of the following is least likely to be Angie's agent?

• Angie's stockbroker

• Angie's employer

• Angie's real estate agent

• Angie's partner

A agent with broad but restricted authority to act on behalf of the principal is referred to as a:

• universal agent

• special agent

• general agent

• mercantile agent

Which of the following is not a type of authority?

• Implied actual authority

• Express apparent authority

• Express actual authority

• Ostensible authority

Authority for the agent to act on behalf of the principal may be implied:

• in order to give business efficacy to a contract

• to permit the agent to complete the task given to them by the principal

• if the agent has been granted such authority in the past

• all of the above

Which of the following is not a requirement that must be satisfied in order to establish the existence of apparent authority

• The third party knew that agent did not have actual authority

• The principal 'held out' the agent as having authority to act on their behalf

• The third party relied upon that holding out, and reasonably assumed that the agent had actual authority

• None of the above

A commision is a type of:

• indemnity

• reimbursement

• remuneration

• liability

A 'lien' is:

• a right to withhold property belonging to another

• a form of payment

• a right to be reimbursed

• a remedy available to the principal in the event of breach of duty by the agent

If an agent disobeys the principal's lawful instructions:

• the agent breaches their duty to the principal

• the contract between the principal and agent is automatically terminated

• the agent has no authority to act on behalf of the principal

• all of the above

How does an enduring power of attorney differ from a general power of attorney?

• It is only used between family members.

• It is in writing and signed by both the principal and agent.

• The agent is reimbursed by the principal.

• It does not automatically expire upon the principal losing contractual capacity.