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18 Questions

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Types of Authority in Agency Law

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Questions and Answers

What type of principal is involved when the other party to the transaction is aware of the principal's existence but not their identity?

Disclosed principal

Undisclosed principal

General principal

Partially disclosed principal (correct)

What is the type of principal where the other party is aware of the principal's existence and identity?

Undisclosed principal

Special principal

Disclosed principal (correct)

Partially disclosed principal

What type of principal is involved when the agent is acting without revealing the principal's existence?

Undisclosed principal (correct)

Disclosed principal

Partially disclosed principal

General principal

What is the term for the principal who is known to the other party but their identity is not revealed?

Partially disclosed principal Signup and view all the answers

When the agent is acting on behalf of a principal, but the other party is not aware of the principal's existence, what type of principal is involved?

Undisclosed principal Signup and view all the answers

What is the term for the principal who is fully known to the other party?

Disclosed principal Signup and view all the answers

What is the primary requirement for an agency relationship to exist?

There is consent, express or implied, of the parties to establish the relationship. Signup and view all the answers

What kind of agency is implied from the acts of the principal or the agent?

Implied agency Signup and view all the answers

What type of agency covers all the business of the principal?

General agency Signup and view all the answers

What type of agency is characterized by the agent receiving no compensation for their services?

Gratuitous agency Signup and view all the answers

What type of agency is classified based on the extent of business covered?

As to extent of business covered Signup and view all the answers

What type of agency is conferred with authority couched in general terms?

General agency Signup and view all the answers

What type of principal is unaware of the principal's identity?

Undisclosed principal Signup and view all the answers

When is a principal bound by the act of an agent?

When the other party knows or has reason to know that the agent is acting for a principal Signup and view all the answers

What type of principal is aware of the agent's identity but not of the principal's identity?

Partially disclosed principal Signup and view all the answers

What is the obligation of an agent to carry out the agency?

To carry out the agency in accordance with its terms Signup and view all the answers

What is the consequence of an agent's failure to carry out the agency?

The agent is liable for damages Signup and view all the answers

What is the general rule in contracts that is applicable to agency?

Any person guilty of fraud, negligence, or delay is liable for damages Signup and view all the answers