LAW 603 Lecture Notes - Lecture 2: Disclose, Strict Liability, Fiduciary
Document Summary
Usual authority determined by reference to the authority of agents in similar situations in similar businesses: binding. Actual(created through express agreement, authority given to an agent) Appare(cid:374)t((cid:272)reated to a(cid:272)tio(cid:374)s, (cid:272)reated (cid:449)he(cid:374) pri(cid:374)(cid:272)ipal"s a(cid:272)tio(cid:374)s gi(cid:448)e reaso(cid:374)a(cid:271)le i(cid:373)pressio(cid:374) to third parties that agent has authority to act on behalf of principal, a normal responsibility for a sales person to sell computers in a store),mitigate. Whe(cid:374) (cid:862)age(cid:374)t(cid:863) purports to (cid:272)o(cid:374)tra(cid:272)t (cid:449)ithout authority a(cid:374)d pri(cid:374)(cid:272)ipal lager ratifies a(cid:272)tio(cid:374)s((cid:272)o(cid:374)tra(cid:272)t enforceable as if agent authorized as outset) Agent must identify principal at time of contract. Principal must have capacity at time of contract. Emily is bound in the contract because she ratified the agreement. Agent is only bound by contract if it is stated on contract. *normal rule is that agent is not liable and bound by contract. 1. intentional agrees to be liable: undisclosed principal. Act in good faith and in best interest of principal. Avoid conflict of duty between self and principal.
