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Lecture

Agency.docx

2 Pages
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Department
Business
Course Code
BU231
Professor
Valerie Irie

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Description
Agency: -even if you’re an agent, employment laws can kick in if employee -acts to bring outsiders in -3 way relationship -client gives lawyer to bind them into certain agreements -not even contractual, lawyers act as agents act as agents for other lawyers and clients -another example is stockbroker, buying and selling on behalf -person selling on commission basis are agents -ability to bind each other and act on each other -like fiduciary relationship -ex/allowing someone to manage your bank account -implied terms Duties of Agent to Principle: -keep principle always informed of information -tort like duties -standard in his or her field -obtain approval prior to transaction -avoid conflicts of interest -put principle's interest first Rights and Liabilities of Principle and Agent: -someway indicates you are not principle -agent signs in his or her own name may be held personally responsible -the idea of corporation, can’t enter into contract with corporation unless with an agent -in own name representing they are the principle -then principle has no rights under contract -during course of legal proceedings, then the
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