BUS 393 Lecture Notes - Lecture 8: Apparent Authority, Risk Management, Disclose

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Robin Elliott

Document Summary

Risk management issues in contracts and tort. Agency - legal relationship between agent and principal: agent may be able to bind principal to contract, agent may merely be able to assist principal. Agency government by common law and statue. Methods of creating agency: express agreement (some requirement of writing) Included commercial representation agreements: partners in partnership, acts on behalf of corporation, person being represented as being agent, subsequent ratification. Actual authority created through agreement: express authority agent"s authority specifically described, implied authority arises from the agents position in the organization, determined by reference to the authority of agents in similar situations in. 1 is there express authority yes bound. 2 is there implied authority yes bound. 3 is there apparent authority this comes up when actual authority didn"t work yes bound. No it"s all over, not bound then and no deal.