BUL-3310 Lecture Notes - Lecture 24: Independent Contractor, Trade Secret
30 Oct 2017
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Principal: the person for whom the agent acts, and who controls the agent. Law of agency is mostly developed by case law rather than statutory law. From the third party"s perspective, an agent may act for one of three types of principals: Disclosed: an agent reveals he/she is working for another and reveals the principal"s identity. Undisclosed: a principal is undisclosed when the third party reasonably believes that the agent acts only on his/her own behalf. The third party doesn"t realize an agency relationship. However, the agent is working for a secret principal who doesn"t want their identity to be known or that they are being represented. Partially disclosed: when third party knows the agent represents a principal. but the third party may not know the identity of the principal. Broker: an agent with special, limited authority to procure a customer so that the owner can a ect a sale or exchange of property.
