Please read the questions and marking scheme to ensure you write enough to answer the question for full marks. Questions: 1, Distinguish between an agent's actual, implied and apparent authority. Explain why this distinction can be important from the agent's point of view. (12 Marks) 2. Why must a person understand the law of agency to understand the law of partnership? (8 Marks) 3. Explain how the liability of a shareholder is limited. (5 Marks) 4. Set out the nature of the duties owed by a director of a corporation. To whom are these duties owed? Who else in the corporate organization owns similar duties? (10 Marks)