What Is A Distinct Form Of Draft Drawn By A Financial Institution

Question

1. A ______ is a distinct form of draft drawn by a financial institution and payable on demand.

a. Promissory note
b. Check
c. Deed
d. Letter of credit

2. Marcus employs a real estate broker, Dean, to sell his house. Dean's express powers are to advertise and market the house for sale, show the house to prospective buyers, and accept offers from people who want to purchase the house. He is not allowed to seal a deal without Marcus's consent. Marcus goes away on a month-long trip during which he cannot be contacted. During this time, a short circuit in the house causes a power outage. Dean uses his authority to hire an electrician to repair the circuits and restore electricity to the house. Marcus then comes back and pays Dean for the electricity repair. What is the nature of the agency that Dean used to fix the electricity problem in the house?

a. Implied agency
b. Agency by ratification
c. Power of attorney
d. Express agency

Summary

These multiple choice questions belong to Law. The 1st question discusses about what is a distinct form of draft drawn by a financial institution and the 2nd question discusses about a situation where an agent gets the principal’s property repaired during his absence.

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