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Question
Frank Hannigan sees a grand piano that his musician friend Scott Kristoff had been looking for in an antique store. Frank enters into a contract to purchase the grand piano from the antique seller and signs the contract, "Frank Hannigan, agent for Scott Kristoff." As Frank is not Scott's agent, Scott is not bound by the contract. If Scott decides to accept the contract, what kind of agency would be created?A) express agency
B) implied agency
C) agency by ratification
D) power of attorney
Answer
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Related questions
Q:
Which of the following is true of a fully disclosed agency?
A) The third party does not know the identity of the principal.
B) The third party knows the name of the principal but all transactions are done with the agent.
C) The contract is between the principal, agent, and the third party.
D) The principal is liable on the contract with a third party.
Q:
The ________ is a principal's duty to cover the agent for any losses the agent suffers because of the principal's conduct.
Q:
Ashley owns a piece of vacant real estate through which a small river runs. Ashley hires Warren, a licensed real estate broker, to list the property for sale and help sell the property. While inquiring in the neighborhood, Ashley's neighbor Lenny tells Warren that a chemical plant upstream has polluted his property and that Warren should have environmental engineers test the soil on Ashley's property as well. Warren does not tell Ashley about Lenny's suggestion. Warren manages to find a buyer for Ashley's property in Martha. It is later discovered that the property Martha bought from Ashley is also polluted. What important agent's duty has Warren failed to perform?
A) duty to indemnify
B) duty to account
C) duty to reimburse
D) duty to notify
Q:
Which of the following is an instance of misuse of confidential information?
A) An agent gives the seller the principal's name and phone number in a fully disclosed transaction.
B) A principal gives the contact details of an agent to a third-party without the agent's knowledge.
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Q:
Which of the following is a course of action for a principal if an agent is found competing with him or her?
A) The principal can recover damages from the agent if the competition continues after the agency has ended.
B) The principal can recover profits made by the agent in the competing venture.
C) The principal has the option of buying the agent's competing venture.
D) The principal is not allowed to recover lost sales due to the agent's competing venture.
Q:
A power of attorney where a principal confers powers on an agent to act in specified matters on the principal's behalf is referred to as a(n) ________.
Q:
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An apparent agency is also known as an agency by estoppel.
Q:
The agent's actions–not the principal's–create an apparent agency.
Q:
A power of attorney gives an agent the power to sign legal documents on behalf of the principal.
Q:
An express agency contract cannot be orally agreed upon.
Q:
Which of the following is true of an apparent agency?
A) The authority of an apparent agent is implied from the conduct of the parties.
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Q:
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Q:
Which of the following is true about a special power of attorney?
A) It is an implied form of power of attorney.
B) It limits the agent's powers to those enumerated in the agreement.
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A) agent
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A) loss or destruction of the subject matter of the agency
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Defendants cannot assert a due diligence defense against liabilities arising from the violation of Section 11 of the Securities Act of
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The issuer is permitted to assert a due diligence defense against the imposition of Section 11 liability.
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Civil liability under Section 11 is imposed on those who are negligent in not discovering fraud in their security offerings.
Q:
What is insider trading? How is it regulated in the United States?
Q:
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Q:
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B) Robert Morgan, an employee who owns ten percent of all equity security of KYU Corp.
C) Jim Downey, a graphics engineer who quit KYU Corp. after five years of service.
D) Kate Harris, a legal consultant to KYU Corp.
Q:
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Which of the following is an example of insider trading?
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Q:
In order to be found guilty for violation of Rule 10b-5, intentional conduct (scienter) must be proven.