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ADMS 2610 (430)
Lecture

ADMS2610-Session9-Ch15.docx

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Department
Administrative Studies
Course
ADMS 2610
Professor
Robert Levine
Semester
Summer

Description
ADMS2610 Session 9 Chapter 15 (pg. 269-280) Role of an Agent Agency - is law that deals with relationship between principal and agent - Principle – a person on whose behalf an agent acts - Agent – a person appointed to act for another, usually in contractual matters Characteristics of Agency - arises by express agreement, conduct or necessity - involves 3 parties: o (1) principle o (2) agent o (3) third party - legal principles and conditions under which an agent can bind a principal to a contract Nature of Relationship - 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 - Can act for more than one principal at the same time (insurance agents) - Minors can act as agents - Agency o Expressed: can be established by express agreement either written or oral o Conduct: agency inferred from the actions of the principal (1) Express Agreement - Governed by contract law o Contractual rules must be followed  Statute of frauds, formal contracts  Duties set forth in agreement (advantage to a written agreement) o Contracts  Contract one is between agent and principal  Contract two is between principal and third party (although negotiated by the agent) Duties of the Parties - Good faith o Both parties must act in good faith  Agent must act in the best interests of the principal, not themselves (fiduciary duty) o Principal’s Duties  Pay for services by agent  Indemnify (cover) agent for reasonable expenses o Agent’s Duties  Obey lawful instructions of principal  Keep information confidential  Inform principal  Maintain standards required to perform  Not delegate duties without permission of principal  Keep accounts when required  No secret commissions (2) Agency by Conduct (Estoppel) - Arises: actions which convey impression that one is an agent for another or has conferred authority to act on one’s behalf - Types of Authority o Actual: where expressly given o Apparent: implied from actions o Ability of an agent to bind a principal where the principal has not notified third parties of the restrictions or terminated authority of the agent (3) Agency by Operation of Law - Agency that may arise in certain circumstances out of necessity where it is not possible to obtain the authority of th
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