Agency Relationship in Commercial Law
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Questions and Answers

Which one of the following is NOT a way in which agencies are formed?

  • By operation of law
  • By necessity
  • By agreement
  • By ratification (correct)

    • What is the definition of Agency?

  • The authority given to an agent by the principal
  • The relationship between a principal and an agent (correct)
  • The act of ratifying an unauthorized act or contract
  • The legal requirement for forming an agency

    • What does the term 'authority' refer to in the context of an agency relationship?

  • The power to make decisions on behalf of the principal (correct)
  • The termination of an agency relationship
  • The legal requirements for forming an agency
  • The financial resources provided by the principal

    • What is the scope of an agency?

    <p>The extent of the agent's authority</p> Signup and view all the answers

    Which one of the following is NOT a topic covered in the text?

    <p>The role of a principal</p> Signup and view all the answers

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