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ADMS 2610 Lecture Notes - Fiduciary, Hire Purchase, Common Carrier

51 views3 pages
pearimpala756
29 Jun 2012
School
York University
Department
Administrative Studies
Course
ADMS 2610
Professor
Robert Levine

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Document Summary

Agency law involves: principal, agent and third party. Function: the agent act on the behalf of the principal, affects a contract between the principal and the third party. Express: where the job of the agent is expressed in the case of business. Agent"s expressed authority: where the agent performs as per instructed by the principal. President of company x is gonna have a lunch with the supplier. He is taking with him his national sales manager. The president in the alcoholic dozed state tells the third party that the sales manager is also responsible for marketing and advertising. But the third party in the believe that the manager was responsible for marketing and advertising makes a contract with the sales manager. If yes, knowledge of the third party eliminates the contract. Agency by estoppels: when the principal finds out about it and does not like it and wants to cancel the contract.

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Related Questions

1.Which of the following is true of the requirements for ratification to be effective?

A.The principal can accept certain parts of the agents act and reject others.

B. An individual must avoid misrepresenting himself or herself as an agent for another party.

C. The principal must have complete knowledge of all material facts regarding the contract.

D. The principal can avoid ratifying the unauthorized act.

2. If a principal is partially disclosed:

A. the third party would not know that an agent is acting on behalf of the principal.
B. only the agent would be liable in accordance with the contract.
C. the third party would be aware of the principal

Business Law 100

In an agency relationship, someone agrees to perform a task for, and under the control of, someone else (the principal). An agent is the person who is acting on behalf of the principal in an agency relationship. Identify three (3) types of agency under the law. Give one (1) example of a time in which you or a co-worker may have acted as an agent. Did you know you were an agent at the time? Did you act on behalf of the company, and if so, how?

What is the principal-agent problem? When will the principal agent problem be most severe? Why might there be a principal-agent problem between the stockholder owners and the managers of a large corporation?