Contract Law Questions1. If a time for performance is not stated in the contract, then the contract must be performed immediately.TrueFalse2. The type of agency created when one person is falsely represented to be an agent when no such agency relationship exists, is known as:Agency by estoppelAgency by operation of lawThe equal dignities ruleSovereign immunity3. Which of the following is one of the two questions that must be answered in order to apply the doctrine of respondeat superior?Is the alleged tortfeasor engaged in an extremely dangerous activity?Is the alleged tortfeasor a servant or an alter ego?Is the alleged tortfeasor a servant or independent contractor?Is the alleged tortfeasor an agent or a servant?4. An anticipatory breach occurs when a party to a contract expresses or clearly implies an intention not to perform to contract after being required to act.TrueFalse5. Which of the following are equitable remedies?Monetary damagesSpecific performanceSpecific performance and injunctive reliefMonetary damages, specific performance, and injunctive relief6. In which of the following situations may an agent legally appoint a subagent?When the case involves coagentsWhen the appointment is implied from the nature of the employmentWhen the situation involves a nondelegable dutyWhen the coagent demands such an appointment7. When an assignment occurs, the assignee assumes the contractual obligations previously held by the assignor.TrueFalse8. A person given broad authority to conduct the bulk of a principals business is called a:MasterBorrowed servantCroprietorGeneral agent9. An agent may terminate an agency relationship by revocation.TrueFalse10. List the ways an agency can be created.11. What person may be appointed an agent under a power of attorney?AnyoneAnyone who can lawfully contract in his or her own nameAn attorney onlyAnyone who is approved by the court12. A substantial or legally sufficient reason for doing something is known as ____.RevocationRenunciationComminglingGood cause13. An agency is always:ContractualGratuitousConsensualBinding14. An agent does not have the authority to represent the principal.TrueFalse15. A statue that provides for a time limitation for legal action (suits) to be filed, are known as ________.Statute of Time LimitsStatute of LimitsStatute of LimitationsLimited Statues16. A transfer of a contract duty is a(n):NovationAssignmentWarrantyDelegation17. When an agent is appointed by the principal to negotiate and enter into contracts on behalf of the principal, is known as:Contractual LiabilityContractual ResponsibilityTort LiabilityCriminal Liability18. A warranty is a promise, statement, or other representation of certain qualities.TrueFalse19. An individual who is affected by a contract but who does not receive any benefits from it is known as a third party.TrueFalse20. Express authority may never be indicated by conduct.TrueFalse21. A transfer of a contract right is called a(n):DelegationTransferAssignmentBeneficiary22. The agents duty of loyalty means that the agent cannot act ____.For two principalsFor more than one year for the same principalFor two principals in the same transactionFor an undisclosed principal23. The range of activities authorized by the pricipal to the agent is known as the _______.Scope of authorityScope of responsibilityStatement of workScope of work24. Authority granted to an agent may be express, implied, apparent, or known.TrueFalse25. An agency coupled with an interest may not be revoked without the consent of all the parties.TrueFalse.
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