Quiz 8

Question 0

Principal

Answer 0

The party for whom the agent is acting

Question 1

Agent

Answer 1

One who acts on behalf of another

Question 2

Express authority

Answer 2

Authority that is given by words or by action

Question 3

Implied authority

Answer 3

Authority that is not expressed in words but rather by actions or the surrounding circumstance

Question 4

Equal dignity rule

Answer 4

If the statute of frauds requires a contract be in writing then the agency agreement concerning that contract must also be in writing

Question 5

Undisclosed principal

Answer 5

The third Party is unaware that an agency relationship exists

Question 6

Agency couples with an interest

Answer 6

The agent has a financial or personal stake in the outcome of the agency relationship

Question 7

Agency estoppel

Answer 7

The principal is estopped(prohibited) from denying the existence or the liability of an agency agreement

Question 8

Third party beneficiary

Answer 8

A person that is not a party to a contract but benefits from the contract

Question 9

Intended beneficiary

Answer 9

A third party beneficiary that is intended to benefit from the contract and acquires rights under the contract

Question 10

Incidental beneficiary

Answer 10

A third party Beneficiary that acquires no rights under the contract. They cannot sue on the contract

Question 11

Privity

Answer 11

Having a relationship to the issue or contract at hand

Question 12

Assign/assignment

Answer 12

The transfer of a right or property interest either by sale, donation, or other means of disposition

Question 13

Delegate/delegation

Answer 13

The transfer of a duty or an obligation to another party

Question 14

Assignor

Answer 14

The party that transfers a property interest or right to another

Question 15

Assignee

Answer 15

The party to whom a property interest or right is transferred

Question 16

Obligor

Answer 16

The party who owes an obligation or duty to another

Question 17

Novation

Answer 17

The substitution of parties to a contract thereby making a new contract as to the parties but not as to the terms and conditions

Question 18

Straw person/ straw buyer

Answer 18

A person not intended to have a beneficial interest in the property, but to who the property is conveyed in order to facilitate a more complicated transaction.