The only way to become an agent is by signing a contract.

Select one:

True

False

Question2

Employees cannot be agents of their employer.

Select one:

True

False

Question3

Scope of authority means the scope of the agent's permission to act on behalf of the principal.

Select one:

True

False

Question4

To avoid being personally liable under a contract, an agent need only tell the third party that they are an agent.

Select one:

True

False

Question5

Ratification means agreeing to a contract after the fact.

Select one:

True

False

Question6

Sole proprietorships must be registered with the Corporate Registry office.

Select one:

True

False

Question7

Sole proprietorships have limited liability

Select one:

True

False

Question8

A partner's only duty is to make money for the partnership.

Select one:

True

False

Question9

Unless otherwise agreed, all partners share profits equally.

Select one:

True

False

Question10

Harry accidentally ordered 50,000 pencils for his accounting firm, Jones, Jones, & Harry. The partnership will have to pay for the pencils even though they only need 10.

Select one:

True

False