Management and Organizational Studies 2275A/B Lecture Notes - Fiduciary, Estoppel, Law Of Agency

14 views6 pages

Document Summary

Formation by contract: was there a contract that formed a principle-agent relationship, agency contract, principles of contract apply. All the elements of a contract must be present. Should set out nature and extent of authority to act: agency contracts longer than one year must be in writing in some jurisdictions under. Has to be under seal when there is a problem with consideration but you still want the contract to be valid, therefore put it under seal- because there is no consideration usually used among family members. Basic contract principle say when a person becomes incapacitated mentally or physically, their decisions are not valid. Condition precedent: this contract is not valid until something happens until i become incapacitated, my son doesn"t have power of attorney . Authority of agents: actual authority agency agreement sets out limits of agent"s authority. Express (actual) authority - when clearly stated (be very specific) Implied (actual) authority conveyed by actions of principal.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents