Ch 19 Relationship Of Principal And Agent (scored 92%)

5 Pages

Business Law
Course Code
BLAW 3201

This preview shows pages 1 and half of page 2. Sign up to view the full 5 pages of the document.
Ch 19 Relationship of Principal and AgentNature of AgencyDefinition of Agency relationships authorizing one party the agent to act for and on behalf of the other party the principalScope of Agency Purposes generally whatever business activity a person may accomplish personally and legally he may do through an agentAn agent may not delegate others to complete his work and claim responsibilityOther Legal RelationshipsEmployment Relationships one in which the employer has the right to control the physical conduct of the employeeEx A fulltime chauffeurIndependence Contractor a person who contacts with another to do a particular job and who is not subject to control of the other Ex A taxicab driverCreation of AgencyFormalities through agency is a consensual relationship that may be formed by contract or agreement bw the principal and agent agency may exist without considerationRequirements no particular formality is usually required in a contract of agency although appointments of agents for a period of more than one year must be in writingPower of Authority written formal appointment of an agentCapacityPrincipal if the principal is a minor or an incompetent not under a guardianship his appointments of another to act as an agent is voidable Agent any person may act as an agent as the act of an agent is considered an act of the principalDuties of Agent to PrincipalDuty of Obedience an agent must act in the principals affairs only as authorized by the principal and must obey all reasonable instructions and directions
More Less
Unlock Document

Only pages 1 and half of page 2 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.