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    Business Law: Golden Orchards, First State Bank, and First Web Bank

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    8. Refer to Fact Pattern 20-3. If Elizabeth signs her name followed by the
    word "agent" on the purchase agreement without identifying Donald, then
    she may
    a. be held personally liable on the contract.
    b. be held personally liable on the contract only if she would have
    purchased the real estate herself.
    c. not be held personally liable on the contract as long as Golden
    Orchards knows that she is acting as an agent for Donald.
    d. not be held personally liable on the contract because her position as
    agent for Donald is widely known.

    9. Guy issues a check drawn on his account at First State Bank for $100 "to
    the order of Suzanne Rice," but the check is stolen by Harvey before Guy
    gives it to Suzanne. Harvey forges Suzanne's indorsement and cashes the
    check at Community Bank. Community presents the check to First State,
    which cashes it, debits Guy's account, and returns the check to Guy with
    his monthly statement. When Guy spots the forged indorsement, he asks
    First State to recredit his account. First State
    a. may rightfully refuse only if the forgery truly matched Suzanne's
    signature.
    b. may rightfully refuse only if the forgery did not resemble Suzanne's
    signature.
    c. must recredit Guy's account.
    d. none of the above.

    10. First Web Bank, an online financial institution, keeps financial
    information about its customers. To review this information, the U.S.
    Department of Justice must first obtain
    a. a warrant only.
    b. the customers' permission only.
    c. a warrant or the customers' permission.
    d. none of the above.

    11*.In most states, in a given case, a court may
    a. only award damages.
    b. only cancel a contract.
    c. only direct a party to do or not to do a particular act.
    d. award damages, cancel a contract, or direct a party to do or not to do
    an act.

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    Solution Preview

    8. Refer to Fact Pattern 20-3. If Elizabeth signs her name followed by the word "agent" on the purchase agreement without identifying Donald, then she may
    Answer: c. not be held personally liable on the contract as long as Golden Orchards knows that she is acting as an agent for Donald. Agency is a legal concept which depends upon the existence of following elements:
    a. the manifestation by the ...

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