1. The five ways in which an agency can be created are express appointment, implied appointment, ratification, necessity, and estoppel. Express appointment involves a written or stated agreement between the principal and agent, implied appointment is created based on the conduct or relationship between the principal and agent, ratification happens when the principal approves an unauthorised action taken by the agent, necessity arises when there’s an emergency, and estoppel occurs when an agent acts as if they have authority, and the principal doesn’t object.
2. i) In barter transactions, two parties exchange goods or services with no money involved; in gift transactions, a person gives a gift to another person without expecting something in return.
ii) In bailment, the owner (bailor) of personal property delivers it to another person (bailee) for safekeeping; in barter transactions, two parties exchange goods or services with no money involved.
iii) In bailment, the owner (bailor) of personal property delivers it to another person (bailee) for safekeeping; in gift transactions, a person gives a gift to another person without expecting something in return.
3. i) Specific goods are tangible, identified, and agreed-upon items at the time the contract is made, such as a specific car with a unique serial number.
ii) Unascertained goods are not yet identified or agreed-upon at the time of the contract, such as a shipment of apples from a farm that hasn’t been delivered yet.
iii) Future goods are goods that don’t exist yet but will be produced or acquired in the future. For example, a pre-order of a new book that hasn’t been published yet.