ACCA F4 - Agency Law Exam Practice Test
Most relationships in the business environment are made through the use of agents. It is for this reason why there are some laws governing the agent and client relationship. Take up this revision quiz on agency law and see if you are ready for the test that is around the corner.
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Express agreement
Implied agreement
By necessity
By ratification
By estoppel
Implied necessity
Express necessity
Enforced agreement
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Freeman & Lockyer v Buckhurst Park Properties Ltd (1964)
Kelner v Baxter (1866)
Great Northern Railway v Swaffield (1874)
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A must not allow his personal interests to conflict with those of P
A must always act in the best interests of P
A must not make a secret profit
A has a duty to account to P for all money and property received
P must always act in the best interests of A
P can refuse to pay any money owed to A or recover any money already paid
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Great Northern Railway v Swaffield (1874)
Kelner v Baxter (1866)
Freeman & Lockyer v Buckhurst Park Properties Ltd (1964)
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P’s property is entrusted to A
An emergency arises making it necessary for A to act
It is not possible to communicate with P
A acts in the interest of P
A’s property is entrusted to P
An emergency arises making it necessary for P to act
It is not possible to communicate with A
P acts in the interest of A
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Kelner v Baxter (1866)
Great Northern Railway v Swaffield (1874)
Freeman & Lockyer v Buckhurst Park Properties Ltd (1964)
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The powers that the agent has on behalf of the principal
For which acts the principal is liable
For which acts the third party is liable
The powers that the principal has on behalf of the agent
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To claim remuneration or commission for services performed
To claim an indemnity against P for all expenses reasonably incurred in carrying out his obligations
To exercise a lien over P’s property.
To claim an indemnity against P for most expenses reasonably incurred in carrying out his obligations
To request remuneration or commission for services performed
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Where the agent showed an intention to undertake personal liability, e.g. by signing a written contract in his own name
Trade usage or custom
Where the agent refuses to identify the principal
Where the agent is acting on behalf of a fictitious principal
When the third party discovers the existence of the principal
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P can repudiate the contract with the third party
A can be dismissed without notice
P can refuse to pay any money owed to A or recover any money already paid
P can recover any secret profit made or any bribe
A can be dismissed following sufficient notice
P can reclaim any fees, commission or pay previously awarded to A
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Have the contractual capacity to make the contract
Have been in existence both when the contract was made and at the date of ratification
Be identified when the contract is made
Be aware of all the material facts
Clearly signify his intention to ratify the whole contract within a reasonable time
Be aware of the main material facts
Clearly signify his intention to ratify the all/some of the contract within a reasonable time
Have the legal capacity to make the contract
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