LAW 1101 Business Law

 

LAW 1101 Business Law

Answer: Garcon is a general agent. His powers are broad rather than specific, and he can enter into contracts on Belle’s behalf. Because it is so broad, Belle must spell out any limitations.LAW 1101 Business Law

1.Select one type of agency that is not general agent. Without naming the agency, write a story problem describing the agency. (See the example above.) Provide enough detail that a classmate will be able to read the problem and tell you the type of agency you described.

2.State the answer to your story problem.

2. There are 3 ways to create an agency (agreement/express, implied, and apparent), and there are 4 ways of creating agent authority (agreement/express, implied, apparent, and ratification.) For example:

Answer: Mickey had express authority to find property only. He had no apparent or implied authority to sign a contract on Minnie’s behalf. Minnie liked the contract and she ratified it. So this would be authority by ratification.

1.Select one type of agency, or type of authority, that is not ratification. Without naming the type of agency or authority, write a short story problem describing the agency or type of authority. (See the example above.) Provide enough detail that a classmate will be able to read the problem and tell you the type of agency or authority you described, and whether the agent acted within the scope of authority.LAW 1101 Business Law

2.State the answer to your story problem.

3. There are many duties, including fiduciary duties and general duties.

1.Select one duty. Without naming the duty, create a story problem in which an agent (or principal) either does, or does not fulfill the duty. (Frequently more than one duty applies to a situation. Your story may focus on one or more duties.) Provide enough detail that a classmate will be able to read the problem and answer the questions: What type of duty is described? Was the duty fulfilled or breached?

2.State the answer to your story problem.