LAW 603 Lecture Notes - Lecture 1: Arthur Wishart, Franchising, Fiduciary
1 Feb 2017
School
Department
Course
Professor
Document Summary
Creation of the agency relationship: commercial representation agreement: an agreement that occurs when a manufacturer of goods agrees to allow someone to sell its goods on its behalf. Usual authority: allows a person appointed to a particular position to exercise the authority normally associated with that position; a type of apparent authority. What is usual is determined by reference to the authority of agents in similar positions (e. g. vps, treasurers: deemed authority: agency relationships deemed to exist as a matter of law (e. g. partnerships, statutory agents) The ratification renders the actions of the agent enforceable as if they were originally authorized. The ratification can be express or implied. The agent must identify the principal at the time of the action. The principal must have the legal capacity to undertake the transaction, both at the time of the transaction itself and at its later ratification. The principal must ratify within a reasonable period of time.
