The Law of Property - Chapter 15 - Law of Agency

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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).

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