ACC307 TMA3

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

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