LAW 603 Lecture Notes - Lecture 5: Canadian English, Law Of Agency, Joint Venture

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Nick Iannazzo

Document Summary

Date: 1/21/2015 law603 - chapter 20 - textbook. Agent: a person acting on behalf of someone else. Sometimes has authority to bind the principal to a contract. In a dealership, you are bind by a contract where you buy a car or not. Do not always ha(cid:448)e autho(cid:396)ity to e(cid:374)te(cid:396) legal o(cid:271)ligatio(cid:374)s o(cid:374) p(cid:396)i(cid:374)(cid:272)ipal"s (cid:271)ehalf. (cid:373)ay ag(cid:396)ee to (cid:271)e (cid:396)ep(cid:396)ese(cid:374)ted (cid:271)y a(cid:374) age(cid:374)t (cid:271)/(cid:272) the age(cid:374)t (cid:272)a(cid:374) a(cid:272)hie(cid:448)e the p(cid:396)i(cid:374)(cid:272)ipal"s (cid:271)usi(cid:374)ess pu(cid:396)pose more efficiently. Agency: a legal relationship between the principal and the agent. Principal and agent enter a contract and set out terms that the agency is allowed to act upon. Statue of frauds is where a contract must be in writing if the relationship is to last longer than 1 year. Agreement must be in writing if the agent is going to have authority to sign checks on behalf of principal.