LAW 3102 Lecture Notes - Lecture 1: Real Estate Broker, Instacart, Fiduciary
Document Summary
Agents enable us to use people as long arm to get stuff done. Ex) real estate broker (licensed to do their job) Professionals who need to be licensed are agents. Ex) used to help w/ negotiations ( if rich then you can avoid paying more) Ex) consultants- more knowledgeable in unique situations. Usually is principal if agent is just doing their job but not always. Agency costs- how can the principal limit them. Restatement of agency- source of law articulated as a set of principals (like a guideline) Common law- law in english speaking countries ( precedents) If cour came up with a decision it becomes a law (legal practice) (it matters which state these are created in b/c state law governs all of these entities. Fiduciary- relationship where you trust each other and are responsible for each other. Agency problems involve: a principal, an agent, any third party with whom the agent does business with.
