Termination of Agency Relationship

Question 1

The agent mat, at any time, decide to leave and agency relationship. The agent must give written notice of the ____________.

Answer 1

Renunciation

Question 2

Both parties may agree to end the agency relationship at any time.

Answer 2

Mutual Agreement

Question 3

Death, Incapacity, or Bankruptcy __________ an agency relationship.

Answer 3

Terminates

Question 4

When the house that was involved in the transaction burns down, this is called __________ of subject matter.

Answer 4

Extinction

Question 5

Events that cause the agency relationship to end, regardless of the wishes of the parties involved.

Answer 5

Operation of Law

Question 6

When the agent quits.

Answer 6

Renunciation

Question 7

Agency relationships must be __________.

Answer 7

Consensual

Question 8

The agency relationship os terminated in the case of ___________, which is if the client becomes mentally incompetent.

Answer 8

Incapacity

Question 9

When the transaction closes, the agency relationship is terminated by ___________ __ _______.

Answer 9

Fulfillment of Purpose

Question 10

When the client fires the agent.

Answer 10

Revocation

Question 11

The client (principal) may, at any time, fire the agent. The client must give written notice of the __________.

Answer 11

Revocation