Question

In: Accounting

13.a. The principal has no obligation to reimburse for an act that he has not authorized:...

13.a. The principal has no obligation to reimburse for an act that he has not authorized:

A) true, the principal is only bound to reimburse the reasonable expenses incurred by the agent in the exercise of his functions.

B) false, the principal is required to reimburse twice the expenses incurred by the agent in the performance of his duties.

C) false, the principal is required to reimburse all expenses incurred by the agent in the performance of his duties,

D) false, the principal and the agent share equally the expenses related to the exercise of the mandate.

E) false, the principal is required to reimburse all expenses incurred by the agent.

13.b. Rémi asks Michel, who is blind, to sign a document indicating that he supports the nomination of Rémi as a member of the Workers' Club. In fact, the document is a promise to secure Rémi's bank loan. Is Michel bound by this guarantee?

A) Yes, Michel is bound because the promise of a bank guarantee is irrevocable and enforceable against third parties.

B) No, Michel is not bound because the promise of a bank guarantee is unenforceable against third parties.

C) No, Michel is not bound because he is a person incapable of contracting.

D) Yes, Michel is bound because he put his signature on the document.

E) Yes, Michel is bound because he is not a minor and must therefore answer for his signature

13.c. What quality must an insurance contract have so that it does not constitute a bet and is therefore void?

A) The insurance contract must be lawful. No need for the insured to have an insurable interest.

B) The insurance contract must have a counterparty. The insurable interest of the insured is not mandatory.

C) The insurance contract must be enforceable. No need for the insured to have an insurable interest.

D) The insurance contract must be lawful and legal. No need for the insured to have an insurable interest.

E) The insured must have an insurable interest.

13.d. By which contract (s) is the minor bound?

A) An apprenticeship contract which offers a benefit to the minor.

B) A contract to purchase a car for his weekend rides.

C) A clothing purchase contract.

D) A bank loan obtained under the Canada Student Loans Act

E) Answers A, C and D.

F) Answers A and C only.

G) None of the above.

H) All of the above.

Expert Solution

ekkarill92 answered 1 year ago

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