Agency Law – 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

BMIS-Nov-2024-L1-Q2b- Economic Factors Influencing Business Opportunities and Threats

Economic factors that shape business opportunities or threats based on the PEST model.

Question

Explain THREE economic factors which determine the nature of opportunities or threats that organisations may face.

Answer

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Tags: Business Strategies, Economic Factors, Macro-Environment, Opportunities, PEST, Threats
Level: Level 1

Topic: Agency Law
Series: Nov 2024

BL – Nov 2020 – L1 – SA – Q10 – Agency Law

Objective question on the right of an agent to be reimbursed for expenses incurred in duty.

Question

10. The right of an agent to be reimbursed for expenses incurred in performing his authorised duties is called
A. Remuneration
B. Compensation
C. Indemnity
D. Salary
E. Commission

Answer

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Tags: Agency Law, Agent Rights, Compensation, Indemnity, Reimbursement
Level: Level 1

Topic: Agency Law
Series: NOV 2020

BL – May 2012 – L1 – SB – Q5B – Agency Law

State two differences between a hire purchase agreement and a sale agreement.

Question

A hire purchase agreement and a sale agreement are similar but not identical. Required: State any TWO differences between a hire purchase agreement and a sale agreement.

Answer

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Tags: Business Law, Contract Law, Hire Purchase
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q5A – Agency Law

Advise KMS and Stella on the legal implications of Stella's actions.

Question

Stella works as a sales girl for Kampus Multipurpose Stores (KMS), operated by Lucas on the University Campus. Recently, Lucas discovered that whenever he was not around, Stella would pack Lucas’ wares off the shelves and display her own wares on the shelves. Thus, Stella used her employer’s time, resources and facilities to sell her own wares in place of her employer’s. The financial books of KMS were audited last month and the audit revealed that on some occasions, Stella sold her employer’s wares at a higher rate than that recommended and she pocketed the difference. Required: Advise the following parties on the legal implications of their actions: (i) KMS (5 Marks) (ii) Stella (6 Marks)

Answer

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Tags: Agency, Business Law, Employment Law
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SB – Q2B – Agency Law

Advise on the steps to take in running the estate of a deceased person who died intestate.

Question

Mr. Chris died without leaving a Will. His dependants have approached you to advise them on the steps to take in running his estate. Advise them.

Answer

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Tags: Business Law, Estate Management, Intestacy
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q5 – Agency Law

Identify the type of agency created in an emergency without instructions.

Question

The type of agency which is created in an emergency without the opportunity to contact the principal and get his instruction is called:

Answer

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Tags: Agency Law, Business Law, Emergency
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – May 2012 – L1 – SA – Q13 – Agency Law

Determine the number of parties involved in an agency relationship.

Question

An agency relationship is one involving:

A. A single party
B. Two parties
C. Three parties
D. Four parties
E. Five parties

Answer

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Tags: Agency Law, Business Law, Contract
Level: Level 1

Topic: Agency Law
Series: MAY 2012

BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

Question

Yomi, the son of a school proprietor, often visited his father’s office to spend some hours. Although never given authority to do so, he sometimes assisted in accepting payments from and issued receipts to students, and always handed over the money to the Bursar. However, he failed to account for the payment he received from Kola, a student, whom the school eventually declared as still owing. The school proprietor argued that Yomi had no authority to collect money from students on behalf of the school.

(a) Outline the legal positions of Yomi, Kola, and the school. (5 Marks)

(b) Explain the doctrine of binding precedent and state TWO instances when the Court of Appeal will NOT be bound by its own previous decisions. (4 Marks)

(d) Define (i) Intestacy and (ii) Trust. (2 Marks)

Answer

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Tags: Agency by Estoppel, Intestacy, Judicial Precedent, Trust Law, Vicarious Liability
Level: Level 1

Topic: Agency Law
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

Question

Who is usually appointed for the purpose of getting in and distributing the assets of a bankrupt?

Answer

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Tags: Assets, Bankruptcy, Trustee
Level: Level 1

Topic: Agency Law
Series: NOV 2011

BL – Nov 2012 – L1 – SA – Q8 – Agency Law

Identify the type of principal where the agent reveals the principal’s identity.

Question

State the type of principal involved in a situation where the agent has revealed his identity to the third party right from the inception of the transaction between them.

Answer

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Tags: Agency, Contracts, Principal
Level: Level 1

Topic: Agency Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q7 – Agency Law

Identify the type of agency created in an emergency.

Question

Which type of agency is created in an emergency without the opportunity to contact the principal and get his instruction?

Answer

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Tags: Agency, Emergency, Necessity
Level: Level 1

Topic: Agency Law
Series: NOV 2012

BL – Nov 2012 – L1 – SA – Q13 – Agency Law

Identify the meaning of re-insurance.

Question

Which of the following is the meaning of re-insurance?
A. The insurer insures the insurer’s assets
B. The insurer’s registration with the office of the Commissioner for Insurance
C. A reinsurance, effected by an insurer, on the same risk which was before insured, to indemnify the insurer
D. A new insurance with the government of the Federation
E. The insurer’s insurance with a foreign insurer

Answer

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Tags: Insurance Contracts, Re-insurance, Risk Transfer
Level: Level 1

Topic: Agency Law
Series: NOV 2012

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 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

Question

Maria, a famous national hero, was involved in an accident recently during which her brand new Lexus Jeep was damaged beyond repairs. The accident was caused by the recklessness of the driver of Bogus Company Limited. Since the Jeep was insured under comprehensive insurance by Absolve Insurance Plc, the insurance company processed Maria’s claim and gave her a brand new Lexus Jeep.

Thereafter, Chief Generous, a philanthropist, decided to give Maria a brand new Lexus Jeep to replace her damaged Jeep in view of her previous services to the country.

Absolve Insurance Plc wrote a letter to Maria requesting her to return the Lexus Jeep gift she received from Chief Generous since it has subrogation right over the Jeep. Maria has refused to return the Lexus Jeep.

You are required to advise Maria and Absolve Insurance Plc on the subrogation right of the insurance company to the Lexus Jeep given to Maria by Chief Generous.

Answer

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Tags: Gifts, Insurance Contracts, Subrogation
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q14 – Agency Law

This question tests the term describing the agency relationship created by representation.

Question

The relationship that is created as a result of the representation by the principal which leads a third party reasonably to believe that an agency relationship exists is known as agency by ___________.

Answer

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Tags: Agency, Estoppel
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q6 – Agency Law

This question tests knowledge of the parties in an agency relationship.

Question

The parties to an agency relationship are agent and ___________.

Answer

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Tags: Agency, Principal
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q5 – Agency Law

This question tests the legal expression used to describe personal property rights enforceable only by action.

Question

The legal expression used to describe all personal property rights which can only be claimed or enforced by action and not by taking physical possession is known as ___________.

Answer

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Tags: Chose in Action, Legal Rights, Personal Property
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q14 – Agency Law

This question tests knowledge of the principles not applicable to life assurance.

Question

Which of the following principles is NOT applicable to life assurance?

A. Insurable interest
B. Assignment
C. Utmost good faith
D. No premium no cover
E. Subrogation

Answer

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Tags: Insurance Law, Life Assurance, Principles of Insurance
Level: Level 1

Topic: Agency Law
Series: MAY 2013

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

Topic: Agency Law

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

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

You're reporting an error for "BCL – Nov 2024 – L1 – Q4a – Agency of Necessity"

BMIS-Nov-2024-L1-Q2b- Economic Factors Influencing Business Opportunities and Threats

Economic factors that shape business opportunities or threats based on the PEST model.

You're reporting an error for "BMIS-Nov-2024-L1-Q2b- Economic Factors Influencing Business Opportunities and Threats"

BL – Nov 2020 – L1 – SA – Q10 – Agency Law

Objective question on the right of an agent to be reimbursed for expenses incurred in duty.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q10 – Agency Law"

BL – May 2012 – L1 – SB – Q5B – Agency Law

State two differences between a hire purchase agreement and a sale agreement.

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BL – May 2012 – L1 – SB – Q5A – Agency Law

Advise KMS and Stella on the legal implications of Stella's actions.

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BL – May 2012 – L1 – SB – Q2B – Agency Law

Advise on the steps to take in running the estate of a deceased person who died intestate.

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BL – May 2012 – L1 – SA – Q5 – Agency Law

Identify the type of agency created in an emergency without instructions.

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BL – May 2012 – L1 – SA – Q13 – Agency Law

Determine the number of parties involved in an agency relationship.

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BL – Nov 2011 – L1 – SB – Q1 – Agency Law

The question explores the principle of agency by estoppel, doctrine of binding precedent, vicarious liability, and definitions of intestacy and trust.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q1 – Agency Law"

BL – Nov 2011 – L1 – SA – Q15 – Agency Law

Identifying the person responsible for getting in and distributing the assets of a bankrupt individual.

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BL – Nov 2012 – L1 – SA – Q8 – Agency Law

Identify the type of principal where the agent reveals the principal’s identity.

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BL – Nov 2012 – L1 – SA – Q7 – Agency Law

Identify the type of agency created in an emergency.

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BL – Nov 2012 – L1 – SA – Q13 – Agency Law

Identify the meaning of re-insurance.

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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 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

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BL – May 2013 – L1 – SA – Q14 – Agency Law

This question tests the term describing the agency relationship created by representation.

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BL – May 2013 – L1 – SA – Q6 – Agency Law

This question tests knowledge of the parties in an agency relationship.

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BL – May 2013 – L1 – SA – Q5 – Agency Law

This question tests the legal expression used to describe personal property rights enforceable only by action.

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BL – May 2013 – L1 – SA – Q14 – Agency Law

This question tests knowledge of the principles not applicable to life assurance.

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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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