BUS 393 Chapter Notes - Chapter 6: Indictable Offence, Union Shop, Bargaining Unit

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Lo #1/lo #2/lo #3: agency: most business activity is carried on through agents, and agency forms a significant component of the law of partnership and corporations. If the third part(cid:455) is lead to thi(cid:374)k the age(cid:374)t has authorit(cid:455) (cid:271)(cid:455) the pri(cid:374)(cid:272)ipal, e(cid:448)e(cid:374) if the(cid:455) do(cid:374)"t, they can rely on that representation and so the agent is said to act within their apparent authority. In other words, the agent has apparent authority when principal leads another to that belief; they cannot later deny that authority: agency by estoppel. Involves the assertion of some fact indicating the agent has authority to act: where the agent exceeds both their actual and apparent authority this principal isn"t bound. If the principal likes the deal, they can ratify the agreement, making it a binding contract. In other words, agents can be given authority by ratification either intentionally or by implication.

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