ADMS 2610 Lecture Notes - Middle Ages, Vicarious Liability, High Standard Manufacturing Company
25 Jun 2012
School
Department
Course
Professor
Document Summary
Person acting for another person typically in contractual relations with third parties. Going to be signing contracts on behalf of third parties. Principal (p) the person on behalf the agent acts. Third party (t) the party that the agent contracts with. The contract is between the principal and third party only if everything is done properly. Partners, managers, employees, corporations, lawyers, sports agents, insurance agents, travel agents, bankers, stockbrokers, booking agents, purchasing agents (trying to get the best deal for a company), real estate agents. You can be an employee and be an agent. Can be an independent contractor and be an agent. Based on trust (e. g. duty upon agent to act in utmost good faith to the principal) Agent always should put interests of princiipal first before his or her own personal interests (e. g. avoid conflicts of interest, seek best price) Lawyer agrees to sell property of client, then decides she would like to own it herself.
