Management and Organizational Studies 2275A/B Lecture Notes - Fiduciary, Independent Contractor

• School: Western University
• Department: Management and Organizational Studies
• Course: Management and Organizational Studies 2275A/B
• Professor: Cristin Keller

Document Summary

Explain: two types of authority: actual and apparent. Under actual authority, there is express actual authority and implied actual authority. Explain: no, because if they don"t know who the principal is, it is impossible for the third party to be led to believe something based on the principal"s action. Explain: no, because the principal has to be the one to convince the third party of something. There are two types of authority: actual authority (job description, past actions, etc. ) and apparent authority. Explain: no, the principal gives an agent the power or authority to act on the principal"s behalf when the principal either becomes mentally or physically incapacitated. 2) the principal has to have the capacity to enter into contract when the contract was entered into by the agent. The general principle is that an agent owes someone a fiduciary duty. Explain: when the third party is notified about the termination of agreement.