Question: QUESTION 1 State whether the following statements are TRUE or FALSE ; and give REASON for your answer. You are required to

QUESTION 1

State whether the following statements are "TRUE" or "FALSE"; and give REASON for your answer. You are required to support your answer by referring to the relevant statutes and/or case laws.

  1. Agency contract must be made in written form.

  1. An agent must have a principal whose existence and capacity can be determined after the formation of the contract.

  1. Agency can arise by estoppel where an agent who was duly appointed had exceeded his authority or a person who has no authority to act for the principal has acted as if he had the authority, and the principal accepts and confirms such contract.

  1. Agency can arise by implied appointment of the principal where it is impossible for the agent to get the principals instructions and the agents action is necessary to prevent loss to the principal and the agent acts in good faith.

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