This assignment focuses on agency law. Scenario: Nancy Bower is owner of Bower Gallery that specializes in oil paintings. Nancy has been an agent for you for several years buying Arnold Wyeth oil paintings. You and Nancy agreed that she will purchase any and all available Arnold Wyeth oil paintings on your behalf. Some of the paintings you will keep for your private collection, others Nancy will sell on your behalf in Bower Gallery. You are to receive 75% of the proceeds from any Arnold Wyeth painting sales in Nancy’s gallery. Nancy will keep the remaining 25% of the proceeds from these sales. A. Write a sample contract that reflects the agreement between you Nancy Bower. The contract should be valid and enforceable. B. Write a brief summary explaining how the contract meets the elements of a valid and enforceable contract. Label answer parts. This assignment focuses on agency law. Refer again to the scenario above in Learning Activity 1. Assume the following events occurred. A. Recently, Nancy sold one of your Arnold Wyeth paintings in her gallery, but kept 50% of the money from the sale for herself, rather than the agreed 25%. What effect does this have on your agency relationship with Nancy Bower? B. Recently, the State notified you that you sold more oil paintings within the past year than is legally permissible without obtaining an art dealer’s license. You can obtain the license by completing state forms and paying the license fee. What effect does this event have on your agency relationship with Nancy Bower? -Label answer parts. -Cite to these materials with in-text citations in all responses to Learning Activities. Reference: http://www.saylor.org/site/textbooks/Business%20Law%20and%20the%20Legal%20Environment.pdf •Chapter 38: Relationships Between Principal and Agent •Chapter 39: Liability of Principal and Agent; Termination of Agency
