LAW 603 Lecture Notes - Strategic Alliance, Joint Venture, Fiduciary
3 Mar 2014
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Document Summary
Chapter 20 agency and other methods of carrying on business. Agent- is a person who acts on behalf of someone else for some specific purpose. Principal- is a person whom an agent represents for some specific purpose. Agency- is the legal relationship between a principal and an agent. Sometimes the agent has authority to bind the principal to a contract: agent do not always have the authority to enter into legal obligations on the principal"s behalf , they may only rep the principal"s interest. Creation of an agency relationship: common way to create an agency relationship through express agreement. Principal and agent enter into a contract that sets out the terms on which the agent is appointed and scope of power/authority (ex real estate listing agreement) If statue of frauds is in force the contract must be in writing if the relationship is lasting longer than a year.
