ADMS 2610 Lecture : The Law of Property - Chapter 15 - Law of Agency

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purplewoodchuck173

25 Jan 2012

School

York University

Department

Administrative Studies

Course

ADMS 2610

Professor

Sam Ling

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Document Summary

Nature of relationship: agency by express agreement, duties of the parties, agency by conduct, agency by operation of law. Third parties: disclosed agency, undisclosed agency, fictitious agency, undisclosed principal. Agency: law deals with relationship between principal and agent. Principal: a person on whose behalf an agent acts. Agent: a person appointed to act for another, usually in contractual matters. Characteristics: arises by express agreement, conduct, or necessity, involved 3 parties: principal, agent, third party, legal principles and conditions under which an agent can bind a principal to a contract. Agency: expressed: can be established by express agreement, either written or oral, conduct: agency inferred from the actions of the principal. Governed by contract law: contractual rules must be followed. duties set forth in agreement (advantage to a written agreement): contracts. contract one is between agent and principal. contract two is between principal and third party (although negotiated by the agent).

Related Questions

Business Law 100

In an agency relationship, someone agrees to perform a task for, and under the control of, someone else (the principal). An agent is the person who is acting on behalf of the principal in an agency relationship. Identify three (3) types of agency under the law. Give one (1) example of a time in which you or a co-worker may have acted as an agent. Did you know you were an agent at the time? Did you act on behalf of the company, and if so, how?

1.Which of the following is true of the requirements for ratification to be effective?

A.The principal can accept certain parts of the agents act and reject others.

B. An individual must avoid misrepresenting himself or herself as an agent for another party.

C. The principal must have complete knowledge of all material facts regarding the contract.

D. The principal can avoid ratifying the unauthorized act.

2. If a principal is partially disclosed:

	A. the third party would not know that an agent is acting on behalf of the principal.
	B. only the agent would be liable in accordance with the contract.
	C. the third party would be aware of the principal

Business law Agency and partnership 1.The creation of an agencyalways required a written document authorizing the agent to act forthe principal and signed by both the principal and the agent.T/F

2.No consideration is required to create an agency relationship.T/F

3.Failure to notify partner with whom an agent has dealt of hertermination can create liability to those parties under the theoryof apparent authority. T/F

4.Liability for the tortious acts of an agent will depend uponhow much control the principle had over the agent. T/F

5.General partner stand only to lose their investment in thepartnership if the partnership goes broke. T/F

6.Under the doctrine of respondent superior the principal isliable for any harm caused by his agent, when the agent is actingwithin the scope of his authority. T/F

7.If the partners fail to write down the proportional ownershipinterest then they will be presumed to be equal partners. T/F

8.In the absence of a written agreement, any partner can refuseto allow anyone to become a partner in his partnership, since it isa voluntary relationship. T/F

9.What is known by the agent is presumed to be known by theprincipal. T/F

10.A limited partnership only has limited partners. T/F

11.Limited partners have a limited right to manage thepartnership affairs. T/F

12.Partners cannot use the general partnership agreement to denythe claims of creditors of the partnership; if the assets of thepartnership are not enough to the debt of the partnership thenpartners are personally liable for the debts of the partnership.T/F

13.A partnership is not a tax paying entity, but must file a taxreturn. T/F

14.The principal of Marshaling of assets means that creditors ofan individual partner must first exhaust his assets before takingany partnership property. T/F

15.The statute of frauds does not generally require anypartnership agreement to be in writing. T/F

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ADMS 2610 Lecture : The Law of Property - Chapter 15 - Law of Agency

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