13271817
Beschreibung
Mindmap von Gary Trickey, aktualisiert more than 1 year ago
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Erstellt von Gary Trickey
vor mehr als 6 Jahre
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Agency Law
- Agency Principal relationship
- Formation of agency relationship
- Express
- This is where the principle (P) actually appoints the agent (A) as his agent.
The agreement can be made orally or in writing.
- Principal and third party are bound to contract
- This is where the principle (P) actually appoints the agent (A) as his agent.
The agreement can be made orally or in writing.
- Implied
- Authority is implied from the conduct
of parties (Customs & Excise)
- Principal and third party are
bound to contract
- Authority is implied from the conduct
of parties (Customs & Excise)
- Ratification
- Acts of agency committed
outside the scope of his
authority
- Not bound to contract unless
principal ratifies
- Acts of agency committed
outside the scope of his
authority
- Estoppel
- is when a principal who by conduct or words allows a
third party to believe that the agent is acting on his
behalf
- Principal and third
party are bound to
contract
- is when a principal who by conduct or words allows a
third party to believe that the agent is acting on his
behalf
- Necessity
- No formal contract but emergency dictates
- Agent must act in best interest of principal
- No formal contract but emergency dictates
- Express
- Authority of an agent
- Express
- Not unlimited - Principal specify tasks
for agent to perform
- Not unlimited - Principal specify tasks
for agent to perform
- Implied
- Authority to do those things necessary to
accomplish express authority
- Authority to do those things necessary to
accomplish express authority
- Apparent
- Duties of an Agent
- Fiduciary
- Avoids conflicts of interest
- Acts in best interest
- Doesn't make secret profit
- Avoids conflicts of interest
- Remedies for breach of duty
- Dismiss agent
- Refuse to pay money
- Repudiate contract with third party
- Dismiss agent
- Fiduciary
- Express
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