LAW 603 Lecture Notes - Lecture 4: Sports Agent, Risk Management, Franchising
Document Summary
Chapter 20 overview: basic rules of agency, creation, liabilities of principal and agent, termination, risk management issues in contracts and torts, business relationships raising agency issues, joint ventures and strategic alliances, distributorships, franchising, agents governed by special statutes. Methods of creation of agency: methods of creating agency, express agreement (some requirement of writing) Includes commercial representation agreements: partners in partnership, acts on behalf of corporation, person being represented as being agent, subsequent ratification. Agent"s duty to the principal: perform contractual duties personally, performance may be delegated in certain circumstances, carry out principal"s instructions, satisfy duty of care, use reasonable care in the performance duties, fulfill fiduciary duty. Risk management issues for principals: contracts, apparent authority and unauthorized contract, torts, vicarious liability torts of agent if employee of principal, liability if, victim was an employee, tort was committed within the course of employment.
