After reading this chapter, you will be able to answer the following questions: What is agency law? How is an agency relationship created? What are the different types of agency? What are the different types of agency relationships? What are the duties of the agent and principal? What are the rights and remedies of the agent and principal?
Trang 1Agency Formation and
Duties
Trang 2 Agency: Relationship between principal and agent
Agent: One authorized to act for/on behalf of principal
Principal: One who hires agent to represent him/her
Fiduciary: One with duty to act primarily for another person’s benefit
Trang 3documents on behalf of principal
effective/take effect after principal incapacitated
conduct of parties
believe that another individual serves as his/her agent (although principal had actually made no agreement with purported agent)
Trang 4 Individual must misrepresent himself/herself as agent for
another party
Principal accepts/ratifies unauthorized act
Principal has complete knowledge of all material facts
regarding contract
Principal must ratify entirety of agent’s act
Trang 5which agent acts on behalf of principal
contracts on behalf of employer; parties have agreed that agent will have power to bind principal in contract
certain tasks; employer has right to control conduct of employees
(other than employee) to conduct some sort of task; employer has no
control over details of conduct of independent contractor
Trang 6Employee?
business?
supervision complete the work?
Trang 7Principal’s Duties To Agent
Trang 8Agent’s Duties To Principal
Trang 9Agent
Trang 10Principal