BU231 Lecture Notes - Fiduciary, Life Insurance
Document Summary
Even if you"re an agent, employment laws can kick in if employee. Client gives lawyer to bind them into certain agreements. Not even contractual, lawyers act as agents act as agents for other lawyers and clients. Another example is stockbroker, buying and selling on behalf. Ability to bind each other and act on each other. Agent signs in his or her own name may be held personally responsible. The idea of corporation, can"t enter into contract with corporation unless with an agent. In own name representing they are the principle. During course of legal proceedings, then the third party has choice, if discovered there is a principle, choose between the two. Being not allowed is situation where contract essentially personal in nature. All families have equal shares, cousin wants to get out. Entered into contracts to supply signed for mall. After contract entered into, mall owner decided to sell the mall. Hired management company to continue to manage the mall.
