American Law Agency Principles Quiz

What is the definition of agency in the context provided?

Which type of authority allows an agent to act based on implied consent from the principal's actions?

If a principal does not explicitly state to an agent what their duties are, what type of authority might still cover the agent’s actions?

What constitutes a breach of duty in an agency relationship?

What is meant by 'apparent authority' in the context of an agency relationship?

When can the principal be held liable for the agent's actions?

What does ratification involve in the context of agency?

In determining liability of the principal, which factor is NOT necessary?

What type of authority did the Agent have to purchase the church bell for the Principal?

If a third party knows the identity of the Principal in a transaction, what type of Principal is this considered?

Which statement accurately describes Ratification?

In the scenario presented, why is the Principal not liable for the purchase made by the Agent for Greta?

What determines whether Agent had Apparent Authority in the transaction?

What is true regarding the liability of the Principal when the Agent has apparent authority?

What happens when the Principal refuses to ratify the actions of the Agent?

What would be the likely outcome if Agent used the credentials to buy the bell for another party?

What occurs when a Principal does not ratify an Agent's unauthorized purchase?

Which of the following describes the term 'apparent authority' in the context of agency?

What happens to an Agent's actual authority upon receiving a notice of termination from the Principal?

In the case of the whale oil lamp purchase, what is the implication of the Agent using credentials from the Principal?

What principle is demonstrated by the statement that a Principal must communicate the termination of authority to third parties?

What is the financial consequence for the Principal when an Agent purchases an item for more than the authorized amount?

Why did the Principal remain bound to the purchase of the Bellamy book despite an internal limit on spending?

What does it imply if the Principal does not communicate with the Lampseller after terminating the Agent's authority?

What is a requirement for establishing an agency relationship between Principal and Agent?

Which of the following best describes express authority?

What indicates that the Agent operates under a high level of control by the Principal?

Which type of authority is granted based on customary practices?

What must occur for an Agent’s implied authority to be valid in a specific transaction?

In which situation is a Principal likely to be held liable for an Agent's actions?

What can be inferred if Principal has not communicated a termination of authority to a third party?

Which of the following is NOT a necessary element for establishing an agent's actual authority?

What constitutes a breach of the duty of loyalty by the Agent in the context of purchasing the church bell?

Under what condition is the Principal liable for the church bell's purchase despite Agent's breach of duty?

Why is the Principal not liable based on actual express authority for the book purchase?

How does secret limiting instruction affect the Principal's liability?

Which statement best describes the concept of apparent authority?

What does the Principal risk by not communicating the termination of the Agent’s authority?

In the context of agency, what is the significance of actual implied authority?

What is an effect of the Agent's breach of the duty of strict obedience?

What must the Principal do for an Agent to possess apparent authority?

In which situation is a Principal NOT liable for an Agent's actions?

What was the limitation of the Agent's actual express authority in the purchase of the church bell?

What does ratification require from the Principal?

Which statement regarding a disclosed Principal is accurate?

What might indicate that the Agent had actual implied authority?

When is an Agent's credential usage considered an indication of apparent authority?

Why did the Principal not wish to ratify the Agent's purchase of the church bell?

What was the reason Principal did not ratify the purchase of the Bellamy book?

What happens to the Principal's liability when an agent acts with apparent authority?

When does an agent’s actual authority terminate in an agency relationship?

What is the financial result for Principal after the Agent's unauthorized purchase exceeding the authorized limit?

What is required for apparent authority to be terminated regarding third parties?

What defines the Agent's authority to purchase the whale oil lamp despite the termination letter?

What is the implication of the Principal not communicating the Agent's authority termination to the Lampseller?

In the context of agency, what can be inferred about a Principal's obligation to pay for unauthorized purchases?