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Agency Law

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Agency law
Gary Trickey
Mind Map by Gary Trickey, updated more than 1 year ago
Gary Trickey
Created by Gary Trickey over 6 years ago
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Resource summary

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

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