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Brock University (11,904)
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ACTG 1P71 (46)


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Brock University
Brad Troup

Undisclosed PrincipleIn some cases agents will negotiate on the behalf of an undisclosed principle The agent does not reveal the identity but gives all the details for the information However the third party can still sue the undisclosed principle later as long as they have followed their duties In some cases the agent will negotiate for someone else without telling the third party In this case the third party is not told that the agent is representing a third party The third party would therefore sue the agent If the agent was told not to tell the third party that he was representing the principle then the third party can sue the agent who can then sue the principleExo GM wants to accumulate some land area in a new area but did not want to reveal their identity as the owners of the new land However GM does not want to reveal their identity because it would impact their future business plans They could therefore use an agent to purchase the land on the behalf of an undisclosed party who will be revealed at a later date Duties of Agent Fiduciary Duty 1 2 You have a duty to account a You must account for all expenditures on the behalf of your principle to the principle 3 The agent has a duty of good faith a You will always put the duty of the principle first above your own b You cant steal or get involved in a conflict of interest c You cannot compete with the principle Business Organizations Sole Proprietorships Partnerships CorporationsSole ProprietorshipsSimplest kind of business organization that consists of one person who carries on business by himselfThey may have employees and agents working on their behalf but all business decisions rest on their behalf
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