Term
| What level of capacity does the Principal and Agent require for an Agency Relationship? |
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Definition
Principal: Contractual Relationship
Agent: Minimal Capacity |
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Term
| What must exist for a valid agency relationship? |
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Definition
Capacity
Consent
Writing if within the statute of frauds |
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Term
| three ways an Agency relationship may be created |
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Definition
by act of parties
operation of law
-Estoppel
-Statute |
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Term
What are Agent's duties owed to the principal
And Remedies for principal? |
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Definition
Duties: Contractual duties
fiduciary duties of loyalty
obedience to reasonable directions
reasonable care
Remedies: contradt actions, tort actions, actions for secret profits, equitable actions for an accounting, and withholding of compensation for intentional torts or intentional breaches of fiduciary duty, loss of profits or property. |
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Term
| What are the Principal Duties and agent's remedies? |
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Definition
Duties: Al the duties imposed by their contract reasonable compensation, and reimbursement for expenses and Cooperation with agent.
Remedies: contract remedies and possessory lien for any money due from principal. |
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Term
| Types of principle's implied consent |
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Definition
| incidental to express, arising out of custom, resulting from prior acquiescence, to take emergency measures, delegate authority, pay for an except delivery, give general warranties, collect payments, manage investments. |
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Term
| How can termination of actual authority occur? |
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Definition
Lapse of specific or reasonable time,
happening of a specific event
a change in circumstances,
agent's breach of fiduciary duty,
either party's unilateral termination,
operation of law. |
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Term
| When may the principal be bound even though there is only apparent authority and not actual authority? |
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Definition
When the principal negligently allows an impostor,
lingering authority
respondent superior
similar responsibilities
ratification |
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Term
| When may the principal be bound to third parties for acts of the agent? |
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Definition
| When the agent has actual authority to act. |
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Term
| When will the agent vs. the principal be held liable to third parties? |
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Definition
When the principal is not disclosed
a partially disclosed principal both are liable. |
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Term
| How can a principal hold a third party liable? |
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Definition
| When the principal is disclosed or partially disclosed |
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Term
| When is an individual an independent contractor vs. an agent? |
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Definition
| When they have right to control, though the principal may still be held liable if the activity is inherently dangerous or the prncipal is negligent in selecting the independent contractor. |
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