BSEN 395 Lecture Notes - Lecture 4: Transact, Joint Venture, Constructive Notice

• School: University of Calgary
• Department: Business and Environment
• Course: BSEN 395
• Professor: Danielwilson

Document Summary

Agency - law deals with relationship between principal and agent. Principal - a person whose behalf an agent acts. Agent - a person appointed to act for another. Examples: power of attorney, local country representative (hire someone to do business in a country), selling by consignment, investment advisors acting on behalf of clients; insurance agent. Arises by express agreement (writing or verbally), conduct, or necessity, implication. Involves 3 parties: principal, agent, third party (agent is dealing with, legal obligation) Legal principles and conditions under which an agent can bind a principal to a contract. Note: notice to agent constitutes notice to principal. If agent forgets to tell you information, it is deemed you have received that notice. Governed by tort law, contract law, and equity. Agent is one who is empowered on behalf of another. Acts of agents bind principals if done within scope of power.