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Question 4 (1 point) Listen An agent's implied authority is derived from the agent's ___authority. O 1) express O2) apparent 3) equitable O 4) statutory 5) non-contractual Question 7 (1 point) Listen How long does an agent's apparent authority continue once an agency relationship is terminated? 1) it ends immediately 2) 24 hours 3) 7 days 4) 30 days 5) Until the principal notifies third parties that the agency relationship has ended Question 10 (1 point) Listen Which of the following is false regarding termination of agency based on operation of law? 1) Impossibility of performance terminates the agency relationship. O2) An agency agreement is terminated whenever the agent, unknown to the principal, acquires an interest against the principal's interest. 3) The agency agreement is terminated if the agent breaches the duty of loyalty he or she has to the principal. 4) A change in law passed subsequent to the formation of an agency agreement may not terminate the agency agreement. 5) If there is an unusual change in circumstances that leads the agent to believe that the principal's instructions do not apply, the agency relationship terminates. LUULATA WILL Listen 2 3 5 6 8 9 11 12 Lakeside Property. Ronnie agreed to act as Sue's agent in finding a piece of lakeside property for her at a good price and in obtaining a loan for her with which to purchase the property. She agreed to pay him $500 for doing so. To assist Ronnie in his duties, Sue disclosed to Ronnie confidential information about her finances and debts. Ronnie decided that he needed help and paid Rick $300 to look for property for Sue. Bruce told Ronnie about a great deal on a piece of lakeside property that Bruce had for sale. In fact, the deal was so good that Ronnie purchased the property for himself. When Sue found out about the property Ronnie bought for himself, she complained to Ronnie. He defended himself on the basis that he was not actually working for Sue when he found out about the deal. At the time, he was playing golf with Bruce. He also told Sue that he had hired Rick for $300 to assist him and that he could not be held liable because he had turned the job over to Rick. He asked Sue for reimbursement of that amount. Sue fired Ronnie, threatening to sue him. Ronnie told Sue that he would counterclaim for the $300 owed to Rick. Only after he was fired, Ronnie disclosed to a number of parties information regarding Sue's spending habits that he thought were excessive. What remedy should Sue seek if she wants possession of the lakeside lot Ronnie purchased? 1) A resolute trust A 14 15 17 18 20 21 5 S 23 24 2) An actual trust 26 27 > 3) A constructive trust 29 30 4) A defined trust 5) An absolute trust