ECON 3030 Lecture Notes - Lecture 2: Uniform Partnership Act, Limited Liability Partnership, Limited Liability
7 May 2017
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Agency: consensual fiduciary relationship in which one person (agent) consents to act on behalf of and under the control of, another person (principal). (person = corp. partnership, or individual). Implied by conduct implied authority: can"t have implied without actual, occurs when there are extra things that weren"t originally in actual agreement. Go into dealership and say you want a car to an employee, if you stand beside employee and know that employee is getting car for you, you say nothing, you can"t get out of that contract. ) (ex. Sue works at starbucks and they fire sue. Bean seller says starbucks must pay them because they weren"t told by. Starbucks that sue was fired. : agency by ratification, making unauthorized agency relationship and making it retroactively. Types of agency relationships: anything except, vote in a government election (absentee ballot, sign a will, employer -- employee: every employee is an agent of their employer, ex.
