BUL-3310 Lecture Notes - Lecture 24: Fiduciary, General Agent, Rescission
20 Oct 2017
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Introduction: agency issues are usually discussed within a framework of three parties, the principal (p, the agent (a, the third party (t) When third party knows of pri(cid:374)(cid:272)ipal"s e(cid:454)iste(cid:374)(cid:272)e, (cid:271)ut (cid:374)ot ide(cid:374)tit(cid:455), a partiall(cid:455) dis(cid:272)losed pri(cid:374)(cid:272)ipal is present. Independent contractors: when an employing party simply contracts for a certain end result and the employed party has full control over the manner and methods to be pursued in bringing about the result. Formal requirements: principal may appoint an agent either in writing or orally. Introduction: duties of agents are governed by the contract. Inform principal of material facts: refrain from being negligent, account for all money or property. Duty to obey instructions: agent must obey all instructions issued by his or her principal as long as they refer to duties contemplated by the contract of employment. Instructions may not be regarded lightly merely because it departs from the usual procedure and seems fanciful and impractical to the agent.
