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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Which one of the following is NOT a correct pairing of a trust provision with its characteristics? A) Spendthrift provision: a clause in a trust that prevents a beneficiary from withdrawing more than the greater of $5,000 or 5% of the corpus.quizlet B) Crummey provision: a trust clause that provides the beneficiary with a limited duration right to demand payment of contributions to a trust each year up to the annual gift tax exclusion from the trustee. C) Discretionary provision: a trust clause that allows the trustee to use his or her sole judgment in determining how much of the trust income and principal will be paid to or on behalf of a beneficiary. ?
Buyer Bert can't believe that Seller Sam has had a last-second change of heart about entering into an agreement to sell his home to Bert. Sam has offered to refund Bert's earnest money and even pay him something in acknowledgment of Bert's inconvenience and disappointment, but Bert's not having it. He wants Sam's house. Choose the remedy for breach of trust that Bert will most likely take. demand specific performance initiate rescission accept compensatory damages settle for liquidated damages
On April 1, Orizon LLC sent Jim Stevens a letter via overnight delivery, offering to employ him to audit Orizon, LLC’s financial statements for the current year for $10,000. In the letter, Orizon, LLC stated that Jim had ten days to accept. On April 5, Jim sent Orizon, LLC a fax that stated, "The price for the audit seems too low. Would you consider paying $12,000?" Orizon, LLC received the fax. The next day, Serena Williams heard about the offer to Jim and said to Orizon, LLC, “I will accept that offer!” On learning of Serena’s statement, Jim immediately e-mailed Orizon, LLC agreeing to do the work for $10,000. Orizon, LLC received this e-mail on April 7. 1. Explain in detail why Orizon, LLC and Jim do, or do not, have a contract. 2. If you did not discuss it already, would applying the mailbox rule change your answer in #1? 3. Can Serena accept this offer?
81. Which of the following statements about a short sale is true? a. The seller's lien holder must forgive any shortfalls if there are any b. Sales proceed are inefficient to pay off liens c. The possibility of a short sale is not a material fact until contract has been formed noting information d. The seller must bring additional funds to satisfy liens to settlement
17
An anti-modification clause: O a) prevents the terms of a contract from being changed by repeated waivers of breaches. O b) prevents evidence of prior or contemporaneous agreements which conflict or add to the terms of a written contract. O c) specifies the amount of damages in the event of a contractual breach and states that such damages cannot be modified or changed. O d) is necessary in a writing to satisfy the statute of frauds.
QUESTION 5 The ACCC wrote a media release which made the following claim: "To use Calvary medical facilities, a medical practitioner enters into a contract with Calvary granting them rights to use Calvary medical facilities. In March 2011, Calvary introduced a new set of by-laws that governed the conduct of medical practitioners who wish to use Calvary's medical facilities. The by-laws included provisions that allowed Calvary to refuse to grant, or to revoke, the right of a medical practitioner to use its facilities if the medical practitioner had become involved in the operation of a business in competition with Calvary." What is the name of the practice that the ACCC is alleging here? O Exclusionary Conduct O Predatory Pricing O Excessive Pricing O Collusion
Which of the following policy provisions specifies that, if an insured fails to pay a renewal premium within the time granted but the insurer subsequently ace may be restored? OA Grace Period Reinstatement OC Time of Payment of Cairns OD. Entire Contract OB. 00
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Illinois Accident and Health Producer General - Shayaan Shaikh Offer, acceptance, and consideration are necessary elements of: OA. OB. OC. OD. a warranty a representation a contract insurable interest Time Remaining Flag fo
Question 13 A party contracts to guaranty the collection of the debts of another. As a result of the guaranty, the creditor, upon debtor's default, can immediately proceed against the guarantor without further notice. True False Question 14 Hudson National Bank files a financing statement regarding a transaction with EcoVibes. To be valid, the financing statement must contain both the debtor's and creditor's signatures. True False Question 15 The Truth-In-Lending Act applies to all merchants that sell consumer goods. True False
QUESTION 1 Which of the following is a FALSE statement? A. The E-Sign Act completely prevents the use of electronic signatures for contracting on the Internet. B. If an employer wants to preserve the at-will employment status of his or her employees, the employer should insert disclaimers in its codes and handbooks that nothing therein can be construed to create an express or implied employment contract. C. A basic principle of the National Labor Relations Act is that employers cannot terminate employees in order to discourage or encourage union membership. D. “Going public” by a company offering to sell shares of stock to the public typically results in access to broader financial markets from which to obtain capital. QUESTION 2 1. The tort of assault and the tort of battery are: A. Two names for the exact same tort. B. Strict liability torts. C. Independent torts which can occur separately from one another. D. Require proof of each of the separate elements of negligence.…

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