#1
What is the primary role of an agent in the context of agency law?
To make decisions on behalf of the principal
To provide legal advice to the principal
To enforce contracts on behalf of the principal
To audit financial statements for the principal
#2
What distinguishes a general agent from a special agent in agency relationships?
General agents have broader authority than special agents
Special agents have broader authority than general agents
General agents only act in emergencies
Special agents only act in non-emergencies
#3
What is the doctrine of 'unauthorized acts' in agency law?
Acts performed by an agent without any authority
Acts performed by an agent within the scope of authority
Acts ratified by the principal after the fact
Acts that are prohibited by law
#4
In agency law, what is the term for the authority that is expressly given by the principal to the agent?
Implied authority
Apparent authority
Express authority
Inherent authority
#5
What is the significance of the agent's duty of loyalty in agency relationships?
To compete with the principal's business
To act in the best interests of the principal
To disclose confidential information to third parties
To abandon the principal without notice
#6
Which of the following is a key element of agency by estoppel?
Express authority
Implied authority
Apparent authority
Ratification
#7
What is the significance of the 'scope of authority' in agency relationships?
It defines the geographical area of authority
It outlines the time limit of authority
It specifies the legal consequences of authority
It determines the range of actions the agent is authorized to take
#8
Which of the following is a common duty of an agent towards the principal?
To disclose confidential information to third parties
To act in the best interests of the principal
To compete with the principal's business
To abandon the principal without notice
#9
What is the concept of 'vicarious liability' in agency law?
Liability imposed on the principal for the agent's wrongful acts
Liability imposed on the agent for the principal's wrongful acts
Liability imposed on both the principal and the agent
Liability imposed on third parties for the agent's acts
#10
Which type of authority arises when a principal leads a third party to believe that an agent has authority, even if it's not explicitly granted?
Express authority
Implied authority
Apparent authority
Inherent authority
#11
In agency law, what is the term for the termination of an agent's authority by the principal?
Revocation
Renunciation
Rescission
Reconciliation
#12
Which doctrine holds a principal liable for the acts of an agent, even if the agent exceeds their authority?
Doctrine of Ratification
Doctrine of Respondeat Superior
Doctrine of Subrogation
Doctrine of Accord and Satisfaction
#13
In agency relationships, what is the term for an agent's authority to do things that are reasonably necessary to accomplish the authorized acts?
Express authority
Implied authority
Apparent authority
Inherent authority
#14
Under what circumstances can an agency relationship be terminated by operation of law?
Death or incapacity of the principal or agent
Failure to achieve the objectives set by the principal
Change in market conditions
Desire for a change in representation
#15
What is the role of consideration in the creation of agency relationships?
It is not necessary for the creation of agency relationships
It is required for the principal's revocation of authority
It is required for the agent's renunciation of authority
It is necessary for the creation of agency relationships in certain cases