LAW 603 Chapter Notes - Chapter 20: Apparent Authority, Main Source, Fiduciary

• School: Ryerson University
• Department: Law and Business
• Course: LAW 603
• Professor: Stan Benda

Document Summary

Law 603 chapter 20: agency and other methods of carrying on business. Agent a person who is acting on behalf of someone else for a specific purpose. Agency legal relationship between principal and agent. The legal rules of age(cid:374)(cid:272)(cid:455) go(cid:448)er(cid:374) the (cid:272)ir(cid:272)u(cid:373)sta(cid:374)(cid:272)es i(cid:374) (cid:449)hi(cid:272)h a(cid:374) age(cid:374)t"s a(cid:272)tio(cid:374)s (cid:271)i(cid:374)d the principal and define when you can rely on an agent having authority to contract with you. Agents are subject to legal standards of behaviour that are designed to protect principals from some of the risks to which their agents may subject them. The principal and the agent enter into a contract that sets out the terms on which the agent is appoi(cid:374)ted, i(cid:374)(cid:272)ludi(cid:374)g the s(cid:272)ope of the age(cid:374)t"s authorit(cid:455) a(cid:374)d the age(cid:374)ts re(cid:373)u(cid:374)eratio(cid:374) (cid:894)pa(cid:455)(cid:895) Commercial representation agreement occurs when a manufacturer of goods agrees to allow someone to sell its goods on its behalf. Directors, officers, etc of a corporation can all act as agents for the corporation.