MKT 100 Study Guide - Fiduciary

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Jennifer Fraser

Document Summary

In some agency relationships, the general legal standards of behaviour for agents have been found to be insufficient to protect people dealing with agents. Must be clear, can be expressed or implied from behaviour. Must occur within a reasonable time after the creation of the contract. Principal must accept the whole contract or none of it. Principal must have had the legal capacity to enter into the contract both at the time the agent created the contract and at the time of ratification. An agent must disclose to their principal any info that may be relevant to the principal"s interests. An agent cannot personally profit from the unauthorized use of info or opportunities that arise as a result of the agency relationship. If the agent is acting within the score of their actual or apparent authority, the principal is liable for the agent"s fraud or negligent misrepresentation.