Necessary to create agency relationship

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Reference no: EM132152550

1. Which of the following is necessary to create an agency relationship?

a- A written contract.

b- A written contract if the agency relationship is related to real estate.

c- Financial Remuneration.

d- None of the above.

2. An agent is liable to third parties when

a- The principal is fully disclosed and the agent has only apparent authority.

b The principal is fully disclosed and the agent has only implied authority.

c The principal is unidentified.

d None of the above

3. The agent has no liability to third parties when?

a- The contract is entered into by agent with no authority.

b- The contract is entered into by agent with authority but for an unidentified principal.

c- The contract is entered into by agent with express authority for a fully disclosed principal.

d- The agent has no liability in all of the above.

4. Firing an agent terminates:

a- Express authority.

b- Apparent authority.

c- Implied authority.

d- a and c only.

Reference no: EM132152550

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