90) Frank Hannigan sees a grand piano that his musician friend Scott Kristoff had been looking
for in an antique store. Frank enters into a contract to purchase the grand piano from the antique
seller and signs the contract, “Frank Hannigan, agent for Scott Kristoff.” But because Frank is
not Scott’s agent, Scott is not bound by the contract. If Scott decides to accept the contract, what
kind of agency would be created?
A) express agency
B) implied agency
C) agency by ratification
D) power of attorney
91) An agency by ratification occurs when the principal ________.
A) accepts an unauthorized act created by an unauthorized agent
B) accepts an authorized act created by an authorized agent
C) creates the appearance of an agency that in actuality does not exist
D) accepts an act carried out under the implied authority of an agent
92) Which of the following describes an agency by estoppel?
A) an agency that arises when a principal ratifies a contract created by an unauthorized agent
B) an agency created when a principal and an agent expressly agree to enter into an agency
agreement
C) an agency that is not expressly stated but is implied and inferred in the conduct of the parties
D) an agency that arises when a principal creates the appearance of an agency that in actuality
does not exist
93) Which of the following is true of an apparent agency?
A) The authority of an apparent agent is implied from the conduct of the parties.
B) The third-party is not bound to a contracted created by an apparent agent.
C) The principal is bound to the contracts entered into by an apparent agent.
D) The actions of an apparent agent create an apparent agency.