How does apparent authority differ from actual authority

Assignment Help Business Law and Ethics

Reference no: EM133197973

Question 1. Explain in detail, giving full examples, what is meant by actual express authority and actual implied authority and how they differ?

Question 2. How does apparent authority differ from actual authority and what are the different types of apparent authority? How can a principle be bound to a third party in contract due to apparent authority?

Question 3. On February 15, 2013, Carol invested $75,000 in Gina and Kitty's business engaged in wedding planning. In exchange for said investment Carol was to earn 5% of the next 4 years profits. On June 1, 2013, Carol became concerned about the operation of the business and began overseeing its daily management. On June 16, 2013 the wedding of Mike and Mary, planned by Gina and Kitty's Wedding Planners was unable to go forward due to Kitty not booking a banquet hall or band due to Kitty's negligence. Assuming Gina and Kitty to be partners, discuss any and all possible liability of Gina, Kitty and Carol to Mike and Mary for Kitty's negligence. Explain in detail.

Question 4. Explain in detail the duties of care, loyalty and obedience owed to a principal by his or her agent. Give examples.

Question 5. Explain in detail the duties of compensation and indemnification and non-interference owed to an agent by his or her principal. Give examples.

Question 6. On June 1, 2013, John met the love of his life, Mary, and became engaged to be married. As evidence of his love John purchased a 2 ct. diamond ring from the Great Stone Jewelers for a price of $18,000. At the time of sale John signed the following promissory note:

"I John, promise to pay Great Stone Jewelers
the sum of $18,000 United States currency at
a rate of 15.6% interest in 36 equal monthly
installments commencing August 1, 2013"
Signed John
On August 30, 2013 the Great Stone Jewelers sold the above note To Sammy's Loan Co for $19,000. On August 30, 2013, after having made several timely payments to Sammy's John discovered the stone he had purchased was not a diamond but rather glass worth only $200. John thus stopped any further payments to Sammy's and Sammy's filed suite against John. Will John be liable to Sammy's for the remaining unpaid dept? Why? Why not? Explain in detail.

Question 7. Explain in detail the effect of negotiability on holder in due course status and the effect of the Federal Trade Commission Rule on a Holder in Due Course.

Question 8. Differentiate between real and personal defenses and their effect on a Holder in Due Course.

Reference no: EM133197973

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