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- Iggy hires Joy to act as his agent to purchase Kup-a-Koffee Kompany. Iggy tells Joy to reveal only that she is buying the firm on behalf of a third party, without telling Kup-a-Koffee's seller who that third party is. Iggy is a disclosed principal an implied principal an undisclosed principal a partially disclosed principal NextGiordana borrows $225,000 for Hearthstone Credit Union to buy a home, which secures the loan. Five years into the term, Giordana stops making payments. Hearthstone forecloses and sells the property, but the proceeds are not enough to cover the unpaid amount of the loan. Hearthstone could now obtain a.a short sale b.a redemption c.a deficiency judgment d.a guaranty e.nothing moreA co-worker of Illinois licensee Mona shared a client’s confidential information with her and asked Mona not to tell anyone. Instead of keeping it to herself, Mona gave the information to another licensee. Which statutory duty has been breached? Adhere to the brokerage agreement’s terms Employ reasonable skill and care in performing brokerage services for the client Keep all confidential information provided by the client confidential Serve the client’s best interests
- 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.13) When husband and wife live together, the law implies that the wife is authorized to use her husband's credit for necessaries suited to their style of living. Based on the above situation, the husband is an agent and the wife is a principal. a) True b) False 14) The person who gave assistance in agency relationship is known as agent. a) True b) False 15) The governing law for contract of sales is Sale of Goods Act 1957. a) True b) False 16) Goods means every kind of immovable property other than actionable claims and money. a) True b) False 17) Faiz meets Farhan, a car dealer and tells him that he wants a car that can move 20km/liter Farhan promotes one of the cars in the showroom and says that it suits the purpose. Faiz buys the car by relying on Farhan's representation. Subsequently Faiz finds that the car can move 15km/liter The above situation is an example of breach of warranty. a) True b) FalsePenn commits a tort while acting in the interest of her undisclosed principal. Who is responsible or liable? Principal and agent Agent only Principal only
- OTC Ltd has ten members, which included Hudson, a chartered accountant, not employed to the Company. The Articles of the Company contained a provision that Hudson would be employed by the Company, to do the Company’s account by January 20, 2022 for a stated fee. Several months after the date stated, Hudson did not hear from the Company and after several enquiries, he was told that the Company hired another accountant. Hudson has decided to take action against the Company. Required Using case law and the headings of Issue, Rule, Application/Analysis and Conclusion (The IRAC Method) advise Hudson.OTC Ltd has ten members which included Hudson, a chartered accountant, not employed to the Company. The articles of the Company contained a provision that Hudson would be employed by the Company to do the Company’s account by February 20, 2011 for a stated fee. Several months after the date stated Hudson did not hear from the Company and after several inquiries he was told that the Company hired another accountant. Hudson has decided to take action against the Company. Advise himRobert applies to Northern National Bank for a loan. Prior to granting the loan, Northern requests that Callis Credit Agency provide it with a credit report on Robert. Callis reports that three years earlier, Robert had embezzled money from his employer. Based on this report, Northern rejects Robert’s loan application. a. Robert demands to know why, but Northern refuses to divulge the information, arguing that it is privileged. Is Robert entitled to the information? b. Assume that Robert obtains the information and alleges that it is inaccurate. What recourse does Robert have?
- Gary contracts with Dan to buy Dan a new car manufactured by General Motors Corporation (GMC). GMC is a. an intended beneficiary b. an incidental beneficiary c. not a third party beneficiary d. both a and bGrand Adventures Tour & Travel Publishing Corp. (GATT) provided travel services. Duane Boyd, a former GATT director, incorporated Interline Travel & Tour, Inc. At a public sale, Interline bought GATT’s assets. Interline moved into GATTs office building, hired former GATT employees, and began to serve GATT’s customers. A GATT creditor, Call Center Technologies, Inc., filed an action to collect the unpaid amount on a contract with GATT from Interline. Is Interline liable? Why or why not?Meredith, an attomey, agrees to represent Renae in her purchase of a car washing business. Meredith will act only on Renae's interest in the transaction. Which of the following is Rende? Multiple Choice O An agent A principal A proxy A contat