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ADMS 2610 Lecture Notes - Fiduciary, Session 9, Estoppel

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School
York University
Department
Administrative Studies
Course
ADMS 2610
Professor
Robert Levine

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Document Summary

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. Arises by express agreement, conduct or necessity involves 3 parties: (1) principle, (2) agent, (3) third party legal principles and conditions under which an agent can bind a principal to a contract. 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) Agency: expressed: can be established by express agreement either written or oral, conduct: agency inferred from the actions of the principal (1) express agreement. 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.

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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

When Alexis deposits money in a bank account, the bank then owes that money to Alexis. In this sense, the relationship between the bank and the customer is that of: a. principal and agent. b. two parties to a contract. c. creditor and debtor. d. payee and drawer