Questions 1 7 are all true/false. Please indicate your answer to each question. There is no need to explain.

1. An agent will not be authorized to act for a principal unless he receives some consideration for the task.

2. Anna employs Mark to purchase for her a suitable site for a roller rink. Mark owns a huge site himself and sells it to Anna at fair market value without disclosing to her that he is the owner of the land. Mark has not breached his fiduciary duty to his principal.

3. A minor cannot act as an agent.

4. A principal may generally revoke the authority of an agent at any time.

5. Jones, an agent of Rossi, is authorized to sell Rossi's ownership of wheat on the commodities market on Monday. On Monday, however, the market opens with the lowest prices for wheat in two decades. Jones must go ahead and sell Rossi's wheat on Monday.

6. An agency contract appointing the agent for a period of more than one year must be in writing.

7. The negligence of an agent who is an employee in conducting the business of the principal exposes the principal to tort liability for injury and loss suffered by third persons