Sally is an agent for Thomas for maintaining Thomas\'s antique car collection, i

Question

Sally is an agent for Thomas for maintaining Thomas's antique car collection, including the sale and purchase of antique cars. Sally has had this position for several yean, but recently Sally has developed a cocaine habit. She recently sold one of Thomas's cars and kept some of the money herself to buy some cocaine. Soon thereafter, Sally was declared bankrupt The state then notified Sally that she had sold the maximum allowable number of cars in a year without getting a dealer's license Sally has not sold any cars since that time. Shortly thereafter, Thomas was on a secluded island and died, which no one knew about until 2 weeks later. Discuss how each of the following affected or didn't affect the agency agreement: Did an agency ever exist? If as, who was the agent? principal? Sally's action in using the money to purchase cocaine: Sally's bankruptcy: The fact that Sally didn't have a dealer's license: The fact that Thomas died:

Explanation / Answer

The agency existed, where the principal was Thomas and the agent was Sally.

The fact that Sally didn’t have a dealer’s license affects not only her bankruptcy but the availability to produce the money necessary to pay the debt she generated to the company by taking part of the earnings from the mentioned sold car.

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