Methods of Creation Flashcards
1
Q
Relationship between principal and agent is based upon
A
1) consent
2) meeting of the minds
2
Q
A principal/agent relationship can be created without
A
1) consideration
2) written contract
3) power of attorney
3
Q
An agent must
A
have sufficient mental and physical ability to carry out the principal’s instructions
4
Q
A agent that is a minor
A
can still bind the principal
5
Q
An agency relationship is terminated
A
if the subject matter that the relationship is based on is destroyed
6
Q
What agency contract must be written
A
1) not completed within 1 year
2) Buy specific real estate from principal
