NY Bar Exam, The Only Study Material you Need

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NY Bar Exam, The Only Study Material you Need What are the four forms of authority? Actual Express: P tells A directly that A can do a task Actual Implied: A reasonably believes P has given A the authority Inherent: P, a pizza shop owner, tells A to deliver a pizza to X. A has the inherent authority to take the pizza from the pizzeria (it is not tresspass), because it is a necessary task to complete the delivery. Apparent: A third party relies on the appearance of agency when dealing with A What consent is needed to create an agency relationship? Both the principal and the agent must consent What are the three ingredients of an agency relationship? Assent, Benefit, and Control What is ratification? When P ratifies an unauthorized transaction by A, P becomes bound When is an agent liable in contract? When the principal is undisclosed, either partially or fully. Partially: existence is known, but identity is not. What is the difference between an "exclusive" and a "nonexclusive" broker's contract Exclusive: if anyone (including owner) produces a buyer who is ready, willing, and able to buy, broker gets commission Nonexclusive: if the broker produces a buyer who is ready, willing, and able to buy Can a non-licensed broker enforce a claim for commission? No

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