QUESTION 171. A principal may not revoke an agency contract if the agent has an interest in the subject matter of theagency in addition to the remuneration that he or she receives for services. Such a contract is calledan irrevocable agency, which is also known as:agency by ratification.apparent authority.agency coupled with an interest.agency by revocation.QUESTION 181. A principal must reimburse an agent for any loss or damage suffered by the agent in the legitimate:enforcement of rules.transfer of power.performance of duties.ownership of property.

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Answered: QUESTION 17 1. A principal may not…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question 1Amy and Bianca intended to form a company called Flexible Co Ltd to engage in trading. Before the company was incorporated, Amy and Bianca signed a lease agreement with Fix-a- deal Co Ltd in the name of Flexible to rent an office in Tsim Sha Tsui. Three months after Flexible’s incorporation, Amy met Cyril who mentioned that he had an office of about the same size to let at a much lower rent. Amy and Bianca went to see the premises and found it very suitable for their business. They wish to repudiate the existing lease and take up a new lease with Cyril.Advise Amy and Bianca. Question 2By reference to relevant section(s) of the Companies Ordinance, explain the effects of incorporation.
1. Life Company processes information furnished by others to transfer title to real estate from a seller to a buyer. In performing this task for a sale of land from Eren to Armin, the furnished information is mistaken. The contract between Eren and Armin that includes the mistake may be rescinded if the mistake concerns a. a detail on which the parties had a true “meeting of the minds.” b. a fact that is important and central to the contract. c. a third party, such as County Title. d. a term in the contract subject to only one reasonable interpretation.
37. Reduce the required provision if some or all of the expenditure required to settle a provision is expected to be reimbursed by another party, when, and only when, it is probable that reimbursement will be received if the enterprise settles the obligation. Select one: True or False
Question 3(a) In legal perspective, a minor is incapable to make any valid contracts. Describe the above statement with the support of relevant legal authorities.
David hires Nell to auction off his grandmother's house and it's contents. Nell hires an auctioneer, rents a tent, advertises and does everything necessary to conduct a successful auction. When the auction is over, David refuses to pay for the auctioneer and advertisting expenses, claiming he never specifically authorized Nell to incur those expenses on his behalf. In her defense, Nell can claim that David gave her: 1) Apparent Authority. 2) Moral Authority. 3) Implied Authority. 4) Express Authority.
16. Why are restrictive covenant clauses controversial? They are controversial because they allow people to create contract terms that restrict their future right to alter those same contracts They are controversial because they allow people to create contract terms below the otherwise legislated minimum standards of work They are controversial because they seem to pit two legitimate interest against each other: the right of trade against the right of contract
Which of the following represents an agency relationship? 1) Horace wants to sell his farm and hires Marcie as his realtor. The two agree that if Marcie finds a buyer for the farm at Horace's price, then Horace will pay Marcie 7% of the price he receives. 2) Bob dies and leaves his assets in a trust for his minor child, Lilly. In the trust, Bob appoints Reggie as the trustee to act for Lilly's benefit. Since Reggie has a fiduciary duty to Lilly as trustee, Reggie is Lilly's agent. 3) Lucy contracts to sell her car to Tony for $5,000. Tony purchases the car only to find it not in the condition that Lucy described it. Tony is claiming that Lucy violated her fiduciary duty to him as his agent under the agreement. 4) Hunt is an attorney of questionable ethics. Roger, one of Hunt's clients, is arrested for DUI, but appears to be too intoxicated to consent to a breath test. Hunt is contacted by…
Ma3. Explain in brief. Sally Henderson is an employee of Good Eats Restaurant. Sally's contract with Good Eats Restaurant states: "Sally Henderson shall ensure the bathrooms and dining room area are reasonably clean during operating hours." Sally's good friend James is also employed by Good Eats Restaurant as a parking attendant, a person who parks customers’ cars. On a very busy night at Good Eats Restaurant, without the authorization of Good Eats Restaurant, Sally decided to help her friend James park cars. Sally injures a customer due to Sally's negligent driving while parking cars. The injured customer sues Sally and Good Eats Restaurant. Is it likely that Good Eats Restaurant will be determined to be liable to the injured customer. BRIEFLY EXPLAIN.
El Dorado Tire Company fired Bill Ballard, a sales executive. Ballard had a five-year contract with El Dorado but was fired after only two years of employment. Ballard sued El Dorado for breach of contract. El Dorado claimed that any damages due to breach of the contract should be mitigated because of Ballard’s failure to seek other employment after he was fired. El Dorado did not provide any proof showing the availability of comparable employment. Explain whether El Dorado is correct in its contention.
Karen, a senior manager in Consult-Biz Inc., encourages Charles, her junior manager, to bill Consult-Biz's clients for his commute time, and identify it as "meet and confer with senior manager." Karen explains that she will then adjust her own billing sheet to match this entry.Karen tells Charles that all other Consult-Biz junior and senior managers engage in this practice, and that clients have never questioned such entries. Charles is not sure whether this would be an ethical action. What should Charles do?
Question 9 Donald puts a lot of money into a bucket and gives Bernie a power of appointment over the money in the bucket. Bernie has the power to distribute that money only to himself, his creditors, his estate, or his estate's creditors. What is the correct name for his power of appointment? It is a/an: General power of appointment Limited power of appointment Question 10 True or False. The spousal consent rules for the annual exclusion require the non-donor spouse to consent to all gifts made by the donor spouse in that year; he or she cannot select which gifts he or she will join and which he or she will not. True False
1. Roy asked Mark if he can use his phone for a week. If Roy agreed and allowed Mark to use his phone, what contract is created? Explain 2. Lance borrowed money from Renz. There was no stipulation to pay interest. Has Renz the right to demand interest? Explain

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