LAW 3220 FINAL EXAM ACTUAL 2025/2026 (PROFESSOR: JUDSON JAHN CHAPTERS: 14, 15, 16)

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LAW 3220 FINAL EXAM ACTUAL 2025/2026 (PROFESSOR: JUDSON JAHN CHAPTERS: 14, 15, 16) Q&A 100% PASS When a person or company (the agent) agrees to act for or in place of another person or company (the principal) - Answer -How are agencies created? The principal - Answer -Who creates authority in an agent? The agent - Answer -In an agency, who receives authority and carries out the principal's instructions? Third parties - Answer -In an agency, who make contracts or are involved in torts with the agent? By the agent's acts with a third party - third parties make contracts/are involved in torts with the agent - Answer -How is the principal generally bound in an agency? Someone designated to do all acts that can be legally granted to an agent. The agent is usually given a general power of attorney to do all business transactions on behalf of the principal. - Answer -What is a universal agent? A person authorized to execute all transactions connected with a certain business, such as a manager who runs all aspects of a hotel. The principal may limit the extent of the general agent's authority to a portion of the business. - Answer -What is a general agent? An agent with authority to represent the principal only for specific Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com transactions, usually for a limited time. - Answer -What is a special agent? When an agent pays for the right to have authority for a business. - Answer -What is an agency coupled with an interest? Suppose you lend someone money to buy a house to use as a rental. The borrower agrees that rent from the property will be sent to you to pay off the loan. The borrower has become the agent of the lender for the purpose of collecting rent. - Answer -What is an example of an agency coupled with an interest? When a person volunteers with no expectation of being paid for her services. The fact that there is no pay does not change the legal consequences of the agency relationship - Answer -What is a gratuitous agent? When a principal authorizes an agent to delegate authority to other agents, that is, to this person who assists the agent. This person works for the agent but owes duties both to the agent and the principal. - Answer -What are subagents? Document that establishes an agency. Authorizes a person or company to act as an agent for a principal. - Answer -What is the power of attorney document? The power of attorney can be general or can provide the agent with limited authority to act for the principal for one deal. - Answer -Can the power of attorney be general, limited, or both? The agent. This does not mean that the agent is actually an attorney. - Answer -Who is the attorney-in-fact in an agency? Ratification - Answer -An agency relationship may be created by a principal's acceptance of responsibility, or ____________, of agent's activities Principal's clear signal to be bound to an otherwise unauthorized agreement - Answer -What is an express ratification? Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com