8. Which statement is incorrect? a. An agent is not personally liable on a prope

Question

8. Which statement is incorrect?
a. An agent is not personally liable on a properly execute contract that is made for a disclosed principal fi the agent has actual authority.
b. An agent is not personally liable on a properly executed contract t that is made for an undisclosed principal if the agent has apparent author.
c. A principal is a disclosed principal if the agent discloses:a) the principal’s name/identity; and b) that the agent is acting for the principal.
d. A principal is bound by statements made by an agent while acting within the scope of his/her authority.

12. Which of the following examples does not definitely represent a breach of the duty of due care?
a. Grocer who fails to post a sign warning customers of a slippery floor, although for several hours she knew the floor was very wet. b. An accountant who completed tax returns but did not know the changes in the tax law, although the changes were five years old. c. An attorney who waited until after the statute of limitations has expired before trying to file the a lawsuit, even though he had the case for several months ( it was not a situation where the client first met the attorney a day before the statute of limitations ran).
d. A surgeon who amputated the wrong leg
e. An attorney who loses a case to trial

19. What type of business entity is commonly referred to as a “hybrid”
a. Sole proprietorship
b. General partnership
c. Corporation
d. Limited liability company

29. A joint venture is legally treated as a(n) __________ and is govermed by ________law.
a. partnership'patenership
b. corporation; corporation
c. franchise;franchise
d. agency; agency

30. One for the disadvantages of partnership is double taxation.
a.Ture b.Flase

31 Punitive danages are available to prlaintiff for ordinary negligence.
a.True b. False

Explanation / Answer

8. a. An agent is not personally liable on a properly execute contract that is made for a disclosed principal fi the agent has actual authority.

12. a. An agent is not personally liable on a properly execute contract that is made for a disclosed principal fi the agent has actual authority.

19. d. Limited liability company

29. a. partnership'patenership. joint venture is treated as partnership for tax pusposes and is governed by geenral partnership laws. however the difference in joint venture and partnership is that oint venture is for a short period, specific product or project, partnership is for long term

30. Fasle. partners are taxed only on their respective share of income and business as partnership do not have pay income tax.

31. False. Punitive damages are available to plaintiff for gross negligence only.

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