ACC307 TMA3 Questions

ACC307 TMA3 List of Questions

Q1 Remuneration, Re-Imbursement and Indemnity are not part of the expectation of Principal towards the Agent. Justify this assertion.
Correct
Uncertain
Not Correct
None of the above

Q2 ‘’An agent is not expected to keep and to render appropriate account of his stewardship to his principal whether or not he is called upon to do so”. Justify this assertion.
Not Correct
Correct
Uncertain
None of the above

Q3 What occurs in a situation where a supposed agent portrays himself to be representing a supposed principal whose consent he might not have secured and the principal on becoming aware of this assented to the transaction?
Agency by Ratification
Agency by Estopell
Agency of Necessity
None of the above

Q4 “When a person behaves in such a way as to lead another person to believe that he has authorized a third person to act on his behalf and that other person in such belief, enters into transaction with the third person within the scope of such ostensible authority, the first mentioned person would be estopped from denying the fact of the first person’s agency’’ What principle of law in agency is being explained here?
Agency by Estopell
Agency by Ratification
Agency of Necessity
None of the above

Q5 “When a person behaves in such a way as to lead another person to believe that he has authorized a third person to act on his behalf and that other person in such belief, enters into transaction with the third person within the scope of such ostensible authority, the first mentioned person would be estopped from denying the fact of the first person’s agency’’. Where was this statement made?
MCGregor V Mc Gregor (1888)21 Q.B.D. 424
BARRING V CORRIE (1818)2 B & AID. 137
LUKAN V OGUNNUSI (1972)5 S.C. 40
AYUA V ADASU & ORS (1992)3 N.W.L.R. 598

Q6 “In the ordinary law of Agency, the paradigm is that in which the agent and the principal agree that one should act for the other. And the term “agency” is assigned to this basic principle which involves consent of both parties’’ Who is credited with this assertion?
Oputa JSC
Lord Haldene
Abbot C J
Akanbi, JCA

Q7 Where was it stated that “In the ordinary law of Agency, the paradigm is that in which the agent and the principal agree that one should act for the other. And the term “agency” is assigned to this basic principle which involves consent of both parties’’?
Carlill v Carbolic Smoke Ball
MCGregor V Mc Gregor (1888)21 Q.B.D. 424
BARRING V CORRIE (1818)2 B & AID. 137
AYUA V ADASU & ORS (1992)3 N.W.L.R. 598

Q8 A mercantile agent who, in the ordinary course of his business is employed to make contact with third parties for the purchase of goods, or property or for the sale of his principal’s goods or property of which he is not entrusted with possession or document of title thereto is known as who?
Broker
Factor
Del Credere
None of the above

Q9 Who is credited with the statement ‘’“Factor” is a person to whom goods are consigned for sale by a merchant residing abroad or at a distance away from the place of sale and who normally sells in his own name without disclosing that of his principal’’?
Sam Iroye Esq.
Lord Haldene
Oputa JSC
Abbot C. J

Q10 The definition of “Factor” as a person to whom goods are consigned for sale by a merchant residing abroad or at a distance away from the place of sale and who normally sells in his own name without disclosing that of his principal was made in which of the following cases?
Mcgregor v Mcgregor
Hutton V Warren (1836)1 M and W 466
AYUA V ADASU & ORS
BARRING V CORRIE (1818)2 B & AID. 137

Q11 Factors, Brokers and Del Credere Agents are all types of ………………………………….?
General Agent
Commission Agent
Mercantile Agent
Special Agent

Q12 An agent having authority to sell or to consign goods for the purpose of sale, or to buy goods or to raise money on the security of goods is addressed as what?
Commission Adent
Mercantile Agent
Business Agent
Estate Agent

Q13 Which of the following is not a theory of Agency?
The power-liability theory
The consent theory
The qualified consent theory
None of the above

Q14 “The relationship between one person having authority to act, and having consented to act on behalf of another, in contractual relations with a third party’’ is known as what?
Trusteeship
Company Practise
Agency
None of the above

Q15 How true is this assertion ‘’a breach condition entitles the parties to treat the whole contract as discharged, while a breach of the warranty merely entitles the other party to claim damages’’?
Not Correct
Correct
Uncertain
Indifferent

Q16 In which case was it proved that, by a local custom, a tenant was bound to farm according to a certain course of husbandry and that, on quitting his tenant, he was entitled to a fair allowance for seed and labour on the arable land?
Bernett v Bernett
Hutton V Warren (1836)1 M and W 466
MCGregor V Mc Gregor (1888)21 Q.B.D. 424
Carlill v Carbolic

Q17 In which case was it held that when spouses are not living in amity, particularly when their relationship has degenerated to the level of mutual hostility and distrust, an agreement between them would be binding?
Carlill v Carbolic Smoke Ball
Hutton V Warren (1836)1 M and W 466
MCGregor V Mc Gregor (1888)21 Q.B.D. 424
None of the above

Q18 Which of the following is a rule of Consideration?
Must be real and for value
Must be legal
Need not be adequate
All of the above

Q19 Which Court has the original jurisdiction in respect of Election petitions arising from election to the office of President or Vice-President, their term of office and vacancy of the office?
The Supreme Court
The Appeal Court
The Federal High Court
The High Court

Q20 How many types of consideration do we have in law?
Three
Four
Two
None of the above

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