Principal-Agent Relationship – Page 2

BCL – Nov 2024 – L1 – Q4a – Agency of Necessity

Legal implications of an agent acting in necessity during a curfew.

Question

Ozoozo is a cargo driving agent of Oforiwa, a trader. Ozoozo loaded a truck of yam from Kutunada for delivery to Oforiwa in Accra. In the course of the journey and at Butako township, a curfew was imposed as a result of chieftaincy issues in the traditional area. He tried to communicate with Oforiwa but he was unable to do so due to network challenges. Ozoozo found it useful to off-load the cargo of yam and dispose of it by sale. He accounted for the sale but Oforiwa became furious.

Required:
Advise Oforiwa.

Answer

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Tags: Agency Law, Commercial Transactions, Emergency Contracts, Necessity Doctrine, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: Nov 2024

BL – Nov 2020 – L1 – SB – Q5c – Agency Law

List the duties of an agent in an agency contract.

Question

Parties under a contract of agency have certain rights and duties.

Required:
State FIVE duties of an agent under a contract of agency.

Answer

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Tags: Agency, Agent Duties, Contractual Obligations, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: NOV 2020

BL – Nov 2012 – L1 – SA – Q10 – Agency Law

Identify which is NOT a condition for valid ratification.

Question

Which of the following is NOT a condition for a valid ratification under agency law?
A. The professed principal must be in existence at the time of the contract
B. The contract must be professedly made on behalf of an identified or identifiable principal
C. The principal must have enough money to finance the transaction
D. The professed principal must have had full knowledge of all the material facts of the contract at the time of ratification
E. Ratification must be made within a reasonable time

Answer

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Tags: Agency Law, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: NOV 2012

BL – May 2013 – L1 – SA – Q8 – Agency Law

This question tests the understanding of the concept of ratification by a principal in an agency relationship.

Question

Any act or statement which clearly shows the intention of the principal to adopt the action taken on his behalf by the agent is known as:

A. Ratification
B. Estoppel
C. Revocation
D. Consideration
E. Novation

Answer

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Tags: Agency, Principal-Agent Relationship, Ratification
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – Nov 2014 – L1 – SB – Q5c – Agency Law

Explain three types of agents under the law of agency.

Question

The law of agency deals with rules that govern the relationship between commercial agents, their principals, and third parties.
You are required to explain briefly any THREE types of agents.
(Total 6 Marks)

Answer

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Tags: Agency Law, Agents, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: NOV 2014

BL – Nov 2014 – L1 – SA – Q15 – Agency Law

Identify the agent representing a principal in the disposal of real property.

Question

An agent that represents a principal in the disposal of real property is called a/an
A. Broker Agent
B. Factor Agent
C. Auctioneer
D. Mercantile Agent
E. Del-credere Agent

Answer

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Tags: Agency Law, Legal Representation, Principal-Agent Relationship, Real Property
Level: Level 1

Topic: Agency Law
Series: NOV 2014

BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

Question

Jaga contracted Tobi, a transporter, to deliver a trailer-load of bagged salt from Lagos to a customer in Abuja. Midway on the journey and in a remote village, it started raining and the salt was melting as the consignment was exposed. In order to prevent total loss of the consignment, Tobi quickly stopped at the nearest market and sold the wet salt to a buyer at half price.

Jaga is annoyed with Tobi and intends to sue the buyer to recover the salt, claiming that Tobi had no authority to act on his behalf.

Required:
Advise Jaga on his intended action against the buyer.

Answer

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Tags: Agency of Necessity, Principal-Agent Relationship, Sale of Goods
Level: Level 1

Topic: Agency Law
Series: NOV 2022

BL – May 2022 – L1 – SA – Q12 – Agency Law

Define the principal’s action when accepting a contract made by an agent without prior authority.

Question

Where an agent acts without an authority of his principal but the principal accepts subsequently to be bound by the contract, the principal’s action is known as
A. Estoppel
B. Ratification
C. Recognition
D. Acceptance
E. Approval

Answer

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Tags: Agency Law, Contract, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: MAY 2022

BL – Nov 2023 – L1 – SB – Q2d – Agency Law

Explains the concept of a del credere agent and lists the duties of a principal to an agent.

Question

As business became more complex, the concept of agency was developed to facilitate transactions.
Required:
i. Explain del credere agent. (2 Marks)
ii. State TWO duties of a principal to an agent. (2 Marks)

Answer

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Tags: Agency Law, Del Credere Agent, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: NOV 2023

BL – MarJul 2020 – L1 – SA – Q12 – Agency Law

Question on identifying the type of agent who can perform all acts on behalf of the principal in the course of business.

Question

An agent who can do all acts in the course of business on behalf of the principal is referred to as
A. Subordinate principal
B. Authorised agent
C. Superior agent
D. Acting principal
E. General agent

Answer

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Tags: Agency Law, General Agent, Legal Authority, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: MAR/JULY 2020

PT – May 2021 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

Discuss the VAT arrangement between Kuundive Ltd and Yelawana Ltd regarding the distribution and commission.

Question

Kuundive Ltd produces fruits that have caught the interest of children. Kuundive Ltd engages Yelawana Ltd to mainly distribute its product and, in turn, receives a commission. Per the arrangement, Yelawana will put a margin on the price for the distribution.

Required:
What is the VAT arrangement between Kuundive Ltd and Yelawana?

Answer

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Tags: Commission, Principal-Agent Relationship, VAT
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAY 2021

BCL – Nov 2015 – L1 – Q2 – Agency

Analyze Bertha's liability to Crunch Ltd and Drinkit Ltd due to Eddie's actions as an agent.

Question

Eddie is the manager of A-LIFE shopping mall owned by Bertha. In January he is told by Bertha not to buy biscuit from a new company called Crunch Ltd, because she has heard that their products are of poor quality.

On 18th February, Christa, a representative of Crunch Ltd, visits the A-LIFE shopping mall, and as a result, Eddie orders 10,000 cedis worth of biscuits. Christa is unaware of Bertha’s instructions.

When later in the day Bertha discovers what Eddie has done, they have arguments, and Eddie resigns. The following day Eddie goes to Drinkit Ltd, Bertha’s regular supplier of wine and spirit, and purchases 10 cases of whisky on credit in Bertha’s name. He then absconds with the whisky.

Bertha comes to seek your advice as to her liability to:
a. Crunch Ltd; (10 marks)
b. Drinkit Ltd. (10 marks)
(Total=20 marks)

Answer

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Tags: Agency Law, Contractual Liability, Principal-Agent Relationship
Level: Level 1

Topic: Agency Law
Series: NOV 2015

Question Tag: Principal-Agent Relationship

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BCL – Nov 2024 – L1 – Q4a – Agency of Necessity

Legal implications of an agent acting in necessity during a curfew.

BL – Nov 2020 – L1 – SB – Q5c – Agency Law

List the duties of an agent in an agency contract.

BL – Nov 2012 – L1 – SA – Q10 – Agency Law

Identify which is NOT a condition for valid ratification.

BL – May 2013 – L1 – SA – Q8 – Agency Law

This question tests the understanding of the concept of ratification by a principal in an agency relationship.

BL – Nov 2014 – L1 – SB – Q5c – Agency Law

Explain three types of agents under the law of agency.

BL – Nov 2014 – L1 – SA – Q15 – Agency Law

Identify the agent representing a principal in the disposal of real property.

BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

BL – May 2022 – L1 – SA – Q12 – Agency Law

Define the principal’s action when accepting a contract made by an agent without prior authority.

BL – Nov 2023 – L1 – SB – Q2d – Agency Law

Explains the concept of a del credere agent and lists the duties of a principal to an agent.

BL – MarJul 2020 – L1 – SA – Q12 – Agency Law

Question on identifying the type of agent who can perform all acts on behalf of the principal in the course of business.

PT – May 2021 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

Discuss the VAT arrangement between Kuundive Ltd and Yelawana Ltd regarding the distribution and commission.

BCL – Nov 2015 – L1 – Q2 – Agency

Analyze Bertha's liability to Crunch Ltd and Drinkit Ltd due to Eddie's actions as an agent.

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BCL – Nov 2024 – L1 – Q4a – Agency of Necessity

Legal implications of an agent acting in necessity during a curfew.

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BL – Nov 2020 – L1 – SB – Q5c – Agency Law

List the duties of an agent in an agency contract.

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BL – Nov 2012 – L1 – SA – Q10 – Agency Law

Identify which is NOT a condition for valid ratification.

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BL – May 2013 – L1 – SA – Q8 – Agency Law

This question tests the understanding of the concept of ratification by a principal in an agency relationship.

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BL – Nov 2014 – L1 – SB – Q5c – Agency Law

Explain three types of agents under the law of agency.

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BL – Nov 2014 – L1 – SA – Q15 – Agency Law

Identify the agent representing a principal in the disposal of real property.

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BL – Nov 2022 – L1 – SB – Q4c – Agency Law

Advising on the legal implications of Tobi’s sale of goods due to emergency.

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BL – May 2022 – L1 – SA – Q12 – Agency Law

Define the principal’s action when accepting a contract made by an agent without prior authority.

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BL – Nov 2023 – L1 – SB – Q2d – Agency Law

Explains the concept of a del credere agent and lists the duties of a principal to an agent.

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BL – MarJul 2020 – L1 – SA – Q12 – Agency Law

Question on identifying the type of agent who can perform all acts on behalf of the principal in the course of business.

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PT – May 2021 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties

Discuss the VAT arrangement between Kuundive Ltd and Yelawana Ltd regarding the distribution and commission.

You're reporting an error for "PT – May 2021 – L2 – Q2b – Value-Added Tax (VAT), Customs, and Excise Duties"

BCL – Nov 2015 – L1 – Q2 – Agency

Analyze Bertha's liability to Crunch Ltd and Drinkit Ltd due to Eddie's actions as an agent.

You're reporting an error for "BCL – Nov 2015 – L1 – Q2 – Agency"

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