BUS 393 Lecture Notes - Lecture 6: Uberrima Fides, Apparent Authority, Fiduciary

• School: Simon Fraser University
• Department: Business Administration
• Course: BUS 393
• Professor: Colin Hawes

Document Summary

Agency agreement: the contract between an agent and the principal (employer) Agent agrees to act on behalf of principal. Power of attorney: an agency agreement in writing and under seal. All elements of a contact must be present, else it may void the agency agreement, but the contract between buyer and seller is still binding. : clarke is underage and acts as drinkwater"s agent in the sale of drinkwater"s car to. Skoye, the agency contract between clarke and drinkwater may be voidable, but the contract between drinkwater and skoye for the purchase of the car is still binding. Contract may still be binding only of actual and apparent authority are within reasonable bounds of the agent"s position. Beyond reasonable authority acts are bound only if principal has sanctioned similar acts in past. Actual authority: the authority specifically given by the principal to the agent. May be expressly stated by the principal.